Atkins Urges Clarity Act Vote Amid AG Opposition
US Securities and Exchange Commission (SEC) Chair Paul Atkins has urged Congress to advance the CLARITY Act, which aims to clarify the regulatory framework for cryptocurrencies. In a speech at the Solana Policy Institute in Washington on Monday, Atkins emphasized that the SEC's crypto agenda will continue regardless of the bill's outcome.
However, a coalition of 17 state attorneys general and the District of Columbia is urging senators to reject the bill unless it explicitly preserves states' authority to police crypto fraud and oversee markets. The group argues that state enforcement has been crucial in tackling the growing wave of crypto scams, and that the bill's ambiguous language could strip states of tools to protect investors.
The Senate is set to hold a procedural cloture vote on the bill, which requires Republican support to pass. The bill has already been amended to address some Democratic concerns, including ethics rules around politicians and cryptocurrency.