The Clarity Act sat still this month. The Securities and Exchange Commission did not. 

Senate Majority Leader John Thune filed cloture before the August recess, then lawmakers left town. The procedural vote now lands on September 15, a day after the Senate returns. Instead of waiting, SEC Chair Paul Atkins scheduled an open meeting for August 14 to consider a tailored offering rule for certain crypto investment contracts. A vote there formally starts the rulemaking clock.

What Does the August 14 Meeting Actually Propose? 

The plan builds on a joint interpretation the SEC signed with the CFTC, splitting who watches what. It would carve out a lighter path for token offerings that today face full securities registration. The agency…