The Daily: The SEC isn't waiting for Congress on crypto rules, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Bitcoin briefly surged above $69,000 this morning, shortly after Bitget Research chief analyst Ryan Lee told The Block that the cryptocurrency had room to "catch up" if softer yields and the dollar began to outweigh geopolitical risks.

In today's newsletter, the SEC proposes new crypto offering rules, Ripple's Stuart Alderoty says Sept. 15 will be a "bellwether" for the Clarity Act, White House crypto adviser Patrick Witt is "bullish" on the bill, and more.

Meanwhile, bitcoin's correction may be nearing an end with eight of 12 capitulation signals currently flashing, according to VanEck.

P.S. Don't forget to check out today's reader poll on crypto fear and greed later in the newsletter.

Reminder: We're on the ground at SALT's Blockchain Symposium in Jackson Hole Aug. 17-20, with exclusive interviews and coverage of the biggest stories shaping crypto and global finance.

SEC proposes new crypto offering rules as Congress stalls on digital asset legislation

The SEC proposed a new rule, "Regulation Crypto Assets," that would carve out a tailored regime exempting certain digital asset offerings from securities law, as broader legislation stalls in Congress.

• The plan includes a "startup exemption" for offerings up to $5 million from registration for four years, and a "fundraising exemption" for offerings up to $75 million for a year.
• It also adds a safe harbor that allows a digital asset to no longer be classified as a security once certain conditions are met and it has "ceased all managerial efforts."
• SEC Chair Paul Atkins framed the move as onshoring crypto innovation, while commissioner Hester Peirce called it "one step on a long road" toward a clear framework.
• The rulemaking builds on March guidance from the SEC and CFTC that deemed most digital assets not securities, and follows a Friday meeting the agency abruptly canceled over an "unforeseen scheduling issue."
• With the Clarity Act currently stalled, White House crypto adviser Patrick Witt warned regulators will "let loose" on rulemaking if Congress misses its September window to advance the bill.

Ripple CLO says Sept. 15 will be a 'bellwether' for Clarity Act market structure bill

Speaking to The Block at the Wyoming Blockchain Symposium, Ripple Chief Legal Officer Stuart Alderoty called Sept. 15 a "bellwether" for the Clarity Act, when the Senate takes up a procedural motion that needs 60 votes to advance the crypto market-structure bill.

• Alderoty said regulators won't stop moving forward regardless, with the SEC and CFTC pledging to press ahead on crypto rulemaking even if the legislation stalls, though he stressed a law would be far harder to undo.
• He warned that failing to pass a framework could push crypto jobs and investment offshore, citing National Crypto Association research estimating there are 232,000 crypto-adjacent jobs in the U.S., generating $55 billion in economic activity.
• Alderoty also pushed back on the "crypto bros" stereotype, highlighting NCA data showing there are as many holders over 55 as under 25, with about a third of them being women.

White House crypto adviser Patrick Witt says he is 'optimistic and bullish' on Clarity Act as stablecoin fight resurfaces

White House crypto adviser Patrick Witt said he's feeling "truly optimistic and bullish" about the Clarity Act passing, even as disputes over stablecoin rewards resurface ahead of the Sept. 15 cloture vote.

• Speaking Tuesday at the annual SALT conference in Wyoming, Witt said the administration will sit down with Democrats during the recess to hash out remaining disagreements.
• Senate Banking Chair Tim Scott said, despite an earlier compromise barring rewards for simply holding the asset, the stablecoin-yield fight has flared up again.
• Ethics concerns also remain unresolved, with President Trump considering a proposal to let state attorneys general enforce a ban on officials issuing digital assets.

Solana Policy Institute CEO says Clarity Act in 'August recess purgatory,' gives it 10% odds before midterms

Solana Policy Institute CEO Miller Whitehouse-Levine put the Clarity Act's odds of becoming law before the November midterms at just 10%, calling it stuck in "August recess purgatory."

• The bill's path has become more muddied since traditional finance "woke up to crypto," with banks, securities firms, and derivatives platforms vying over competing interests, Whitehouse-Levine told The Block at the Wyoming Blockchain Symposium.
• Prediction markets put year-end passage at roughly 21% on Polymarket and 23% on Kalshi, the latter down from 50% a month ago.
• Whitehouse-Levine urged regulators to press ahead on their own, saying the industry "can't afford to keep waiting for Congress," as the SEC advances its new crypto-offering rules.

Scaramucci points to $100,000 bitcoin as 'magic number' for OG sellers, eyes AI-blockchain convergence

SkyBridge Capital founder Anthony Scaramucci said at SALT's Wyoming Blockchain Symposium that many longtime bitcoin holders treated $100,000 as a "magic number" to sell after a decade or more.

• Scaramucci argued that expectations of a "bitcoin super cycle" gave way to a "self-fulfilling prophecy" of selling as the market hit an inflection point.
• He also expects blockchain and AI to converge, predicting AI agents will likely run future transactions over blockchain rails.

Reader poll

The Crypto Fear & Greed Index is still at 46 ("fear"). Where will it be by this time next week?

HIGHER, TOWARD GREED

LOWER, DEEPER FEAR

One click records your pick. We'll share the answer in a later edition.

In last Wednesday's poll, 62% of you agreed that bitcoin miners pivoting hard to AI is a smart move!

In the next 24 hours

• U.S. jobless claims data are released at 8:30 a.m. ET on Thursday.
• LayerZero and KAITO are among the crypto projects set for token unlocks.
• Wyoming Blockchain Symposium and Coinfest Asia continue. LATAM Digital Assets Conf 2026 gets underway.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.