Скачать или смотреть MaicroBanker 100: SEC v CFTC - CLARITY Act in Muddy Waters? Where Are We? Crypto Asset & Stablecoins

MaicroBanker 100: SEC v CFTC - CLARITY Act in Muddy Waters? Where Are We? Crypto Asset & Stablecoins

Based on the provided source, here is a discussion regarding the recent delays in SEC regulations.
The Core Delay: The Crypto Innovation Exemption Rule
The primary subject of the delay is the Crypto Innovation Exemption Rule. Originally expected to be released in January 2026, the SEC unexpectedly postponed this rule without providing a new timeline. Instead of immediate administrative action, the agency has shifted its focus toward waiting for Congress to establish a clearer legislative framework.
This delay signals a major pivot in regulatory strategy, moving away from "regulation by enforcement" toward a model that prioritizes legislative alignment and market stability.

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Why is the SEC Hitting the Brakes?
The delay is not merely administrative; it is a strategic pause driven by three key factors:
• Deference to Congress: The SEC is hesitant to release rules that might be immediately overruled by new legislation. Specifically, the agency is watching the Clarity Act (which defines jurisdiction between the SEC and CFTC) and the Genesis Act (which establishes a federal framework for stablecoins). If the Clarity Act passes, a preemptive SEC exemption rule might need to be completely scrapped,.
• Technical Complexity: The difficulty of drafting exemption standards was underestimated, particularly for DeFi (Decentralized Finance). Creating a rule that balances innovation with investor protection for protocols that lack a central responsible entity has proven challenging.
• Philosophical Shift: The source outlines a shift in leadership philosophy (specifically attributing views to "Atkins" taking office in 2025), emphasizing "technical neutrality" and a return to basics. This approach seeks to move beyond viewing digital assets solely as risks, aiming instead to balance risk prevention with capital formation.
Market Impact: The "Wet Blanket" Effect
The postponement has had immediate negative effects on market sentiment and asset prices:
• Uncertainty Returns: The delay replaced market optimism with uncertainty. Projects and investors that were preparing for a "green light" are now pausing to re-evaluate legal risks.
• Stalled Innovation: Sectors expected to benefit most—Tokenized Securities and DeFi—have slowed down. For example, traditional financial institutions exploring asset tokenization (like DTCC’s work with ETFs and Treasury bonds) are now "staying put" due to the lack of clear rules.
• Market Volatility: The announcement coincided with a global adjustment in risk assets. The combination of the regulatory delay and broader economic factors amplified panic selling, triggering chain reactions of liquidations in leveraged accounts,.
Global Implications: The US vs. The World
While the US pauses, other jurisdictions are aggressively capturing the market:
• Europe's Lead: With the MiCA (Markets in Crypto-Assets) regulation fully effective, the EU offers a comprehensive framework covering issuance, trading, and custody. This certainty is attracting projects that want stability.
• The Rise of Competitors: The UK, Singapore, and the UAE are utilizing the US policy gap to position themselves as crypto hubs. They are attracting businesses through flexible regulatory sandboxes, tax incentives, and efficient licensing processes.
• Risk of Fragmentation: If the US delay continues, the market may split into a compliant but slow US market and a vibrant, high-risk offshore innovation market. This would undermine the US goal of becoming the "crypto capital".
Future Outlook
The fate of the exemption rule is now tied to the speed of Congress.
• Scenario A: If Congress passes the Clarity Act quickly, the SEC will likely abandon the broad exemption rule in favor of specific guidance tailored to the new laws.
• Scenario B: If Congress stalls, the SEC may be forced by market pressure to release a more conservative, temporary version of the rule in late 2026 or early 2027.
Ultimately, this delay represents a transfer of regulatory dominance from the administrative branch (SEC) to the legislative branch (Congress), marking a profound reshaping of how digital finance is governed in the United States.

Based on the provided sources and our conversation regarding SEC regulatory delays, here is a detailed discussion on the Crypto Innovation Exemption.
What is the Crypto Innovation Exemption?
The Crypto Innovation Exemption is a proposed regulatory framework that was originally anticipated to be released in January 2026. It was designed to function as a regulatory sandbox—a temporary "safe harbor" for digital asset companies.