The US Securities and Exchange Commission (SEC) has scheduled an open meeting for Friday 14 August 2026 to consider new rules creating a “tailored offering regime for certain investment contracts involving crypto assets.”
Translation: with Congress unable to pass the CLARITY Act, the SEC is preparing to write its own rules for tokenised securities — the exact category most real world asset (RWA) tokens fall into.
The Backdrop: CLARITY Act Fails in the Senate
Last week, the Senate failed to pass the Digital Asset Market Clarity Act (CLARITY) — the bipartisan bill that would have given the SEC and CFTC clear jurisdiction over digital assets. The bill is not dead:
- Senate Majority Leader John Thune has filed a cloture motion for when the chamber returns from recess on 14 September
- The White House has publicly vowed to get CLARITY across the “finish line” in September
- But the bill would still need to clear the Senate floor, return to the House, and reach President Trump’s desk — significant hurdles remain
SEC Chair Paul Atkins signalled the agency’s intentions before the recess, saying the SEC was “ready, willing, and able to come out with rules” on digital assets if the Senate failed to act.
What the SEC Is Proposing
According to the commission’s agenda, the 14 August meeting will consider new rules for a “tailored offering regime” covering investment contracts involving crypto assets.
An SEC spokesperson told Cointelegraph:
“As Chairman Atkins has said, clear rules of the road for digital assets must be future-proofed and the SEC will continue to support bipartisan Congressional efforts to deliver the CLARITY Act to President Trump’s desk. In the meantime, the Commission will work to advance a regulatory framework — within our authority and in line with market structure legislation — that will help ensure the United States remains the crypto capital of the world.”
The key phrase is “within our authority.” The SEC is signalling it will use its existing powers under the Securities Act to craft a workable registration and offering pathway for crypto asset investment contracts — without waiting for Congress.
Why This Matters for RWA Tokenisation
Tokenised securities have sat in regulatory limbo since the SEC’s landmark actions against crypto issuers. A tokenised treasury fund, tokenised real estate offering, or tokenised bond all look like “investment contracts” under the SEC’s long-standing Howey test — but until now, there has been no clear, proportionate path to offer them compliantly in the US.
A tailored offering regime could change that:
- A real registration pathway: Issuers of tokenised securities would get defined rules instead of guessing how the SEC will treat each product
- Proportionality: A “tailored” regime implies rules scaled to the asset class — potentially lighter-touch requirements for tokenised versions of established securities
- Institutional green light: Banks and asset managers have repeatedly said they’re waiting for regulatory clarity before scaling tokenised asset programmes. SEC rulemaking would provide exactly that signal
- A US benchmark: Clear US rules tend to become the reference point for regulators in the UK, EU, and Asia — including the UK’s ongoing digital securities sandbox work
What It Means for Investors
For UK and European investors, this is mostly positive news:
- More institutional products: Expect tokenised treasuries, funds, and bond products to accelerate if the SEC delivers a workable framework
- Better protection: Defined offering rules mean issuers must meet disclosure and reporting standards — the protections that come with regulated securities
- Cross-border ripple: US-approved tokenised products typically become available to international investors through regulated platforms, expanding access for UK buyers
The Risks and Caveats
- Legal uncertainty: It’s unclear how much authority the SEC has to craft a full regime without congressional action — expect legal challenges if the rules overreach
- A two-track system: If the SEC moves first and Congress passes CLARITY later, issuers could face two overlapping compliance regimes
- Timeline risk: Rulemaking takes time — proposal, comment period, final adoption. Even a fast track means months, not weeks
What to Watch
- Friday’s meeting (14 August): Whether the commission votes to propose the rules formally, or merely discusses them
- The September Senate vote: Thune’s cloture motion will test whether CLARITY still has life
- The rule text: If proposed, the definition of “investment contracts involving crypto assets” will determine exactly which tokenised products the regime covers
Bottom Line
The SEC is done waiting. With CLARITY stalled, the commission is preparing to build its own regulatory pathway for tokenised securities — and that could be the catalyst the RWA market has been waiting for. The direction of travel is unmistakable: tokenised assets are being pulled into the regulated mainstream, one way or another.
This article will be updated after the SEC’s 14 August open meeting.