SEC Acts Alone on Onchain Fundraising Rules After CLARITY Act Fails

Despite the failure of the CLARITY Act in Congress, SEC Chair Paul Atkins has vowed to provide clarity on how to raise money onchain.

In an interview with CNBC, Atkins stated that even though the act failed, the agency will proceed to define onchain fundraising rules without Congressional guidance.

This move comes after the Senate's cloture vote on the CLARITY Act failed 49-50 on September 15, leaving just two SEC commissioners, Atkins and Mark Uyeda, to drive the next round of crypto rules.

Commissioner Hester Peirce, who is set to resign effective October 2, has also expressed her support for the agency's move, stating that crypto builders need better protections and that regulators should keep moving with their existing authority even without the CLARITY Act.