SEC Chair Atkins says the agency will draft crypto regulations if Congress fails to pass the Clarity Act by August recess.
SEC Chair Paul Atkins stated the agency is prepared to issue crypto market rules if the Clarity Act does not pass the Senate. The bill, which would grant the CFTC jurisdiction over digital commodities, has not reached a floor vote despite clearing the House and Senate Banking Committee earlier this year.
The Clarity Act passed the House 294-134 in July 2023 and the Senate Banking Committee 15-9 in May. It requires 60 Senate votes for approval but faces opposition from nine Democrats. Atkins emphasized that a statutory framework would prevent regulatory shifts between administrations.
Atkins reiterated the SEC’s commitment to supporting the bill but confirmed the agency will act independently if Congress does not. The Senate is set to recess in August, leaving limited time for a vote.