The SEC Is Writing Its Own Crypto Law. Congress Didn’t Ask It To.
The Securities and Exchange Commission (SEC) has a peculiar way of signaling that the era of regulation-by-enforcement is nearing its expiration date. On August 18, 2026, the agency bypassed its own public meeting schedule, opting instead for a seriatim vote to release Regulation Crypto Assets (Release No. 33-11434). It was a quiet, surprise maneuver that…