Atkins Backs Clarity Act, Urges Stronger Stablecoin Rules

US SEC Chair Paul Atkins threw his full support behind the CLARITY Act, stating that a regulatory framework is necessary for American leadership in digital finance. He also pledged to provide technical assistance to lawmakers throughout the legislative process.

The CLARITY Act aims to modernize the financial system and address concerns surrounding stablecoins and digital assets. Credit unions have expressed support for most of the legislation but are seeking stricter rules on stablecoin yields.

Negotiations continued in the Senate, with senators working on revised language before the August recess. The move placed the bill at the center of discussions involving regulators, lawmakers, financial institutions, and digital asset stakeholders.