SEC Prepares for Crypto Rules Amid CLARITY Bill Stalemate
The US Securities and Exchange Commission (SEC) is set to hold an open meeting on Friday to consider new rules for crypto assets. The commission aims to create a tailored offering regime for certain investment contracts involving digital assets, in the absence of action from Congress.
Last week, lawmakers in the Senate failed to pass the Digital Asset Market Clarity Act (CLARITY), which was expected to provide a comprehensive framework for financial regulators on the oversight of cryptocurrencies. SEC Chair Paul Atkins stated that if the bill did not pass, the agency would come out with rules on digital assets.
The bill still has potential to be signed into law, as Senate Majority Leader John Thune filed a motion for cloture when lawmakers return from recess on September 14. However, it is unclear how much authority the commission has without congressional action.