The U.S. Securities and Exchange Commission has delayed its long-awaited “Regulation Crypto” initiative after abruptly canceling a meeting that had been scheduled for Friday.

The SEC was expected to unveil a major step in its effort to establish a formal regulatory framework for digital assets. However, the agency announced late Thursday that the meeting had been postponed.

According to an SEC spokesperson, an “unforeseen scheduling issue” forced the cancellation. The agency said the meeting would be rescheduled for a later date but did not provide a new timeline.

The postponement comes as the Senate’s Digital Asset Market Clarity Act remains stalled. The legislation aims to establish clearer rules for crypto markets in the U.S., and the lack of progress has increased attention on the SEC’s regulatory plans.

Regulation Crypto is expected to introduce a tailored framework for certain investment contracts involving digital assets. The proposal could give eligible crypto projects a more limited regulatory pathway for fundraising and potentially allow them to move outside the SEC’s oversight once they satisfy specific requirements.

For the crypto industry, the latest delay extends uncertainty over whether Congress or the SEC will be the first to deliver comprehensive digital asset rules.

SEC’s Crypto Rulemaking Remains on Hold

SEC Chairman Paul Atkins has described the proposed framework as a “tailored offering regime for certain investment contracts” and made it a key part of his digital asset regulatory agenda.

The agency has largely relied on policy statements and other guidance to clarify its treatment of cryptocurrencies. A formal rulemaking process would establish more permanent regulations and involve a public proposal and comment period.

The SEC was also expected to move forward with its “innovation exemption,” another closely watched initiative designed to facilitate the development and trading of tokenized securities. That effort is now also expected to be delayed.

Clarity Act Still Faces Uncertainty

The crypto industry is also watching the Digital Asset Market Clarity Act, which could return to the Senate agenda when lawmakers resume work next month.

However, the bill faces a difficult path to passage. Negotiations between lawmakers and the White House have yet to produce enough agreement to secure the 60 votes required in the Senate.

With the SEC postponing its Reg Crypto meeting and the Clarity Act still facing legislative hurdles, the U.S. crypto market will have to wait longer for greater regulatory certainty.