The proposal, called Regulation Crypto, would let digital asset firms raise capital without going through full securities registration. If Regulation Crypto passes, some of that pressure goes away. More context: CLARITY Act Has a 75% Chance of Dying Before September VoteCFTC Chairman Michael Selig said his agency is ready to move on rulemaking regardless of whether the CLARITY Act passes. If Regulation Crypto passes and the overall framework loosens, fintech firms have more room to build these products. For crypto startups specifically, the SEC vote on August 14 is probably the more immediate thing to watch.