SEC Acts Decisively as CLARITY Act Stalls in Senate

The SEC's Chairman Paul Atkins has responded to the failure of the CLARITY Act in the Senate, stating that the agency will move forward regardless of the bill's outcome. 'I have been unequivocal: with or without legislation, we will act decisively within the SEC's statutory authority to deliver certainty for American investors and for the entrepreneurs shaping our technological future,' Atkins said, adding 'Stay tuned.'

The SEC has already taken steps to align its rules with current market practices. The agency proposed rescinding Rule 14a-8, arguing it exceeds the agency's statutory scope and intrudes into matters of state law. Additionally, the Commission proposed amendments to Rule 14a-4(c), which will give companies more flexibility and shareholders greater control over proposals eligible for discretionary proxy voting authority.

Meanwhile, the House Ways and Means Committee has advanced the Digital Asset Tax Certainty Act in a 38-5 vote. This bill aims to ease tax treatment for small crypto transactions, clarify how stablecoins are handled, and address rules governing mining, staking, and wash sales. The legislation would eliminate capital gains tax on crypto transactions and network fees under $10 with certain exceptions.