- The SEC canceled a meeting that would have started formal rulemaking for a new crypto fundraising framework.
- Sources said White House concerns and reported SIFMA pressure may have influenced the delay.
- Clarity Act negotiations continue before a Senate cloture vote on September 15.
Washington’s debate over crypto fundraising shifted again Friday after the Securities and Exchange Commission canceled a meeting that had been expected to begin the formal rulemaking process for Regulation Crypto Assets. The meeting was announced only three days earlier and had been seen as a sign the agency wanted to move ahead with clearer rules while Congress remained stalled on the Clarity Act. The SEC said only that an unforeseen scheduling issue caused the cancellation. But reporting based on industry sources pointed to White House concerns and pressure tied to Wall Street opposition as policymakers weighed how crypto fundraising and tokenized securities rules could affect broader negotiations.
SEC delay affects crypto fundraising plans
The canceled SEC meeting would have launched the formal rulemaking process for Regulation Crypto Assets, a proposed framework for crypto fundraising in the United States. Because the meeting had been scheduled just days earlier, its cancellation quickly drew attention in policy circles already focused on how federal agencies and Congress might divide responsibility for crypto oversight.
Publicly, the SEC gave a limited explanation and said the meeting was called off because of an unforeseen scheduling issue. The agency did not provide further detail. Before the cancellation, the move had been viewed as an effort to create more clarity around crypto fundraising while the Clarity Act remained unresolved during the congressional recess.
White House and SIFMA shape crypto fundraising debate
According to multiple industry sources cited in the reporting, the White House asked the SEC to postpone the meeting. Those sources said officials were worried that advancing Regulation Crypto Assets, along with a separate innovation exemption under discussion at the SEC, could complicate ongoing negotiations around the Clarity Act before the Senate’s procedural vote in September.
Two sources familiar with the matter also said SIFMA discussed the possibility of legal action if it concluded the SEC had exceeded its authority under federal securities laws. The concern extended to possible exemptions or no-action relief tied to crypto and tokenized securities. A SIFMA spokesperson declined to address those discussions directly and said the group does not comment on hypothetical theories.
Crypto fundraising debate overlaps with tokenized securities
The dispute is not limited to crypto fundraising alone. Over the past year, SIFMA has repeatedly resisted broad regulatory relief for crypto firms and tokenized securities businesses. In a June 2025 letter, the group urged the SEC not to reshape key market rules through exemptions or no-action letters and instead called for a formal public notice-and-comment process.
In that letter, SIFMA warned that broad relief could create regulatory arbitrage, weaken investor protections, and split market liquidity. At the same time, the SEC’s Crypto Task Force has reportedly been working for months on an innovation exemption that could let crypto firms trade tokenized securities with greater flexibility than traditional Wall Street firms receive under existing rules. Bloomberg had reported the agency was considering unveiling details of that exemption alongside the fundraising proposal.
Crypto fundraising talks continue in Washington
It remains unclear whether the SEC will try to reschedule the meeting before lawmakers return next month. Even so, the policy discussion around crypto fundraising is expected to continue this week through separate events involving regulators, the White House, and executives from crypto and traditional finance.
SEC Chairman Paul Atkins and CFTC Chairman Michael Selig are expected at a White House event on Wednesday, where President Trump is also expected to speak. Attendees are set to include senior figures from Coinbase, Ripple, Gemini, Kraken, a16z crypto, BitGo, Blockchain.com, Polymarket, Kalshi, Chainlink, Intercontinental Exchange, and Nasdaq. On Thursday, Selig will host the first meeting of the CFTC’s Innovation Advisory Committee, where crypto regulation, artificial intelligence, agentic finance, and prediction markets are on the agenda.
Clarity Act negotiations remain unresolved
While the SEC’s next step is uncertain, lawmakers and staff are still expected to keep negotiating the Clarity Act before a cloture vote scheduled for the afternoon of September 15. The outstanding issues include DeFi and developer protections, parts of the Senate Agriculture Committee’s section of the bill, and ethics rules for government officials.
Negotiators are also dealing with continued lobbying from the banking industry over the bill’s stablecoin yield provisions. Even with that pressure, some major bank leaders still support passage of broader legislation. Goldman Sachs CEO David Solomon and Citi CEO Jane Fraser were identified as backing progress on the bill, with Fraser saying she still wanted to see a good version become law.
Conclusion
The canceled meeting leaves crypto fundraising policy in a temporary holding pattern just as the broader fight over digital asset rules enters a critical stretch. Sources said the White House worried that moving ahead with Regulation Crypto Assets and a separate innovation exemption could disrupt Clarity Act negotiations before the Senate vote in September, while reported SIFMA concerns added legal and political pressure. The SEC has not said whether it will revive the meeting before lawmakers return. For now, crypto fundraising remains tied to the larger congressional debate, with regulators, industry executives, and policymakers still expected to press ahead with talks in Washington this week.
Disclaimer
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