Atkins Backs CLARITY Act as SEC Seeks Sustainable Crypto Framework

SEC Chair Paul Atkins expressed support for the CLARITY Act, which is scheduled to be voted on in the Senate on September 15. He described the agency's newly proposed crypto framework as its 'most historic step yet' towards making the US a global leader in cryptocurrency.

The SEC's plan is designed to work alongside the CLARITY Act, allowing the agency to collect public comment and move forward with formal rules once the legislation clears Congress and reaches the president's desk. If Congress fails to act, the SEC believes it has sufficient authority under existing law to proceed with rulemaking on its own.

Athkins emphasized that a statutory grounding is necessary for the effort to be sustainable and lasting into the future. He framed the push as a reshoring effort, arguing that crypto innovators have been building products and raising capital offshore rather than in the US, and that American investors can already move money anywhere in the world regardless of domestic policy.

Crypto markets are currently pulling back after a recent rally, with Bitcoin trading near $77,000. Analysts point to the 4-hour Bollinger Bands compressing as a sign that volatility has cooled significantly. XRP ETF demand is building despite the pullback, while Ethereum's chart structure points to further downside before any renewed rally attempt.