SEC schedules open meeting to consider token safe harbor rules
72%. The SEC's scheduled open meeting on Regulation Crypto carries material probability of advancing a formal rulemaking — specifically a token safe harbor framework that would defer securities registration requirements for qualifying digital asset projects during a defined development period. The legal architecture here matters: absent CLARITY's passage, the agency is operating under existing Securities Act authority, which means any safe harbor must survive the Howey test's transactional analysis and cannot simply waive registration by administrative fiat. TD Cowen's read of this as "pivotal" is consistent with the rulemaking posture — an open meeting signals the agency is moving toward a Notice of Proposed Rulemaking, not guidance. The question is whether the proposed exemption is durable against judicial review.
