SEC Backs CLARITY Act, Crypto Markets Pull Back Ahead of Crucial Vote
SEC Chair Paul Atkins has expressed his support for the CLARITY Act, calling it the agency's 'most historic step yet' towards making the US a crypto capital. The act is scheduled to be voted on by the Senate on September 15.
The SEC proposal aims to work in tandem with the CLARITY Act, allowing the agency to collect public comments and move forward with formal rules once the legislation clears Congress and reaches the President's desk.
Atkins stated that if Congress fails to act, the SEC believes it has sufficient authority under existing law to proceed with rulemaking on its own. However, he emphasized that this path is less durable than legislation, as rules built purely on agency authority can be reversed by a future commission.
Crypto markets have pulled back in recent days, with Bitcoin trading near $77,000, down 1.3% on the day. Ethereum's chart structure points to further downside before any renewed rally attempt, with analysts predicting a pullback towards the $2,100 to $2,220 range.