Web3: Rising Opposition from Wall Street, SEC's Crypto Fundraising Framework Delayed

CoinWorld reported:

The U.S. Securities and Exchange Commission (SEC) was scheduled to formally initiate the development of a new crypto fundraising framework last Friday, but the meeting was abruptly canceled just three days after its announcement. Multiple sources indicate that, in addition to scheduling issues, concerns from Wall Street industry organizations and the White House were significant factors behind this halt.

Meeting Canceled Abruptly

This meeting was originally intended to kick off the formal rule-making process for "Regulation Crypto Assets." The framework primarily targets crypto asset fundraising arrangements in the U.S. and is seen as an attempt by the SEC to push for clearer regulatory pathways before relevant legislation in Congress is finalized.

An SEC spokesperson stated that the meeting was canceled due to "unforeseen scheduling issues," without further clarification on whether it would be rescheduled.

SIFMA Questions SEC's Authority

Insiders say that the Securities Industry and Financial Markets Association (SIFMA), representing major Wall Street brokerages, investment banks, and asset management firms, has been persistently opposing overly broad regulatory exemptions for crypto companies and tokenized securities firms.

In a letter sent in June 2025, the organization urged the SEC not to significantly alter the rules governing tokenized securities and related markets through no-action letters or exemptions, but rather to follow a public comment process.

• Potential for regulatory arbitrage
• Possible weakening of investor protections
• Potential to dilute market liquidity

Two insiders noted that SIFMA has also discussed the possibility of legal action if the SEC is deemed to exceed the authority granted by federal securities laws. This possibility is believed to increase the pressure on the SEC to delay its progress.

White House Concerned About Impact on Congressional Negotiations

In addition to Wall Street's opposition, sources also indicated that the White House had requested the SEC to postpone the meeting due to concerns that the crypto fundraising framework and another innovative exemption arrangement for tokenized securities trading could complicate negotiations on the "Clarity Act."

This bill is still in the negotiation phase in Congress, addressing both crypto fundraising and tokenized securities. The Senate plans to vote on procedural matters on the afternoon of September 15.

Before that, issues such as DeFi provisions, developer protections, and ethical rules for government officials remain unresolved. Meanwhile, the banking sector continues to lobby for adjustments to provisions related to stablecoin yields in the bill.

Two Events Still Scheduled This Week

Although the SEC meeting was canceled, discussions on crypto policy in Washington have not ceased. Reports indicate that the White House will hold an event this week involving executives from the crypto industry, prediction markets, and traditional finance, with former President Trump expected to speak.

Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission, will also preside over the inaugural meeting of the Innovation Advisory Committee on Thursday, with topics including crypto regulation, artificial intelligence, agency finance, and prediction markets.

Additional Information: Reports mention that some executives from major banks still support the continued advancement of comprehensive crypto legislation, including Goldman Sachs CEO David Solomon and Citigroup CEO Jane Fraser.

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