SEC Predicts Passage of Clarity Act This Month

U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins predicts that the Clarity Act will pass this month, marking a significant step towards cementing America as the 'crypto capital of the world.'

The bill aims to establish a framework for distinguishing between digital assets that are securities, commodities or stablecoins.

Despite initial delays due to disagreements over whether platforms like Coinbase should be able to pay customers yield, Atkins expressed confidence in the bill's passage, stating that he 'anticipates and hopes' it will be passed by the Senate on September 15th.

The SEC has been pushing for updated rules to govern the crypto industry, with a recent proposal sent to the White House aiming to clarify the framework for the custody of crypto assets for investment advisers and companies.