SEC Prepares Own Rules for Crypto Market Structure

SEC Chair Paul Atkins indicated that if Congress doesn't pass the CLARITY Act, the SEC is prepared to introduce its own rules addressing key crypto market structure issues. The agency's rulemaking authority would allow it to tackle many of the same regulatory concerns.

'We're doing all we can to help them answer their questions and provide technical assistance,' Atkins said in an interview with CNBC. 'But ultimately, statute is the way to future-proof something.' He emphasized that a legislative solution would provide lasting regulatory certainty and give the SEC clear direction for overseeing the crypto market.

Atkins expressed confidence that the CLARITY Act will pass Congress but acknowledged that time is running out before lawmakers leave for their August recess. The Senate has put digital market structure legislation on hold to focus on other priorities, including a Russia sanctions package and presidential nominees.