SEC could start writing crypto rules before the Senate votes on CLARITY

- The SEC is finally writing crypto rules before the Senate finishes its CLARITY Act debate. Three July NPRMs target token offerings, broker-dealer custody, and trading venues. Chair Paul Atkins wants to bring financial leadership back to the US, presumably so he can bill us for the privilege. This shifts the game from policy signaling to actual rulemaking, which is great for issuers who need safe harbors and terrible for regulators who enjoy enforcement by surprise. If the SEC publishes these before August 7, they force Congress’s hand. It’s a classic relay window maneuver: secure the hash manifest of regulation before the Senate votes. Where's my cut? At least we won’t have to guess if our tokens are securities anymore.