The U.S. Securities and Exchange Commission (SEC) is reviewing a new draft rule on crypto offerings and sales, according to an industry report.

On July 29, blockchain outlet CoinPost reported that the draft could be used as an administrative-level alternative if the Senate-stalled digital asset market structure bill known as the Clarity Act fails to make progress.

The discussion drew renewed attention after investor David Naeiji raised the issue. He wrote on X, formerly Twitter, that the SEC and the U.S. Commodity Futures Trading Commission (CFTC) are already pushing parts of market structure through rulemaking rather than legislation via a joint regulatory project called Project Crypto. Naeiji cited an SEC rulemaking item (RIN: 3235-AN38) posted on the U.S. government's Unified Agenda site.

According to the item, the SEC's Division of Corporation Finance is considering whether to propose to the commission a rule related to crypto offerings and sales. The draft could include certain exemptions and safe-harbour provisions, and the SEC set out a goal of clarifying the regulatory framework for the crypto market and providing certainty to the market.

On the agenda, the item is classified as an "economically significant" rule and a "major rule". The current status is the "proposed rule stage". The schedule lists July 2026 for submission of a notice of proposed rulemaking (NPRM), but as of July 29 no formal proposal had been made public.

Market interest is high because it coincides with legislative delays. The Clarity Act passed the U.S. House of Representatives in July 2025 by 294 to 134, but prospects for a Senate vote remain unclear. To secure the 60 votes needed to end debate in the Senate, Republicans would need support from a significant number of Democrats. The Senate views the period before its August recess as effectively the last realistic window for deliberation.

In the meantime, the SEC and the CFTC have continued joint work separate from legislation. The two agencies announced in January 2026 that they would pursue Project Crypto as a joint initiative. In March, they released a joint interpretive document laying out a classification system that divides crypto assets into 5 categories. The review of rules on offerings and sales cited by Naeiji is also part of that effort.

Concerns have also been raised about the limits of administrative action. Unlike legislation, rulemaking or interpretive documents can be reversed following a change in administration. They can provide immediate standards to the market, but questions remain over durability and stability compared with congressional legislation.

The focus is narrowing to 2 points. One is whether the SEC will actually publish an NPRM and specify the scope of exemptions and safe harbours. The other is whether the Senate will move to take up the Clarity Act and establish an integrated regulatory framework through legislation. The market is watching which path, legislative or administrative, will take shape first for U.S. crypto regulation.