SEC Prepares to Regulate Crypto Amid CLARITY Act Failure

The US Securities and Exchange Commission (SEC) is preparing to address crypto regulations in light of the failed passage of the Digital Asset Market Clarity Act, also known as CLARITY.

Last week, lawmakers in the Senate failed to pass the bill, which aimed to provide a comprehensive framework for financial regulators on the oversight of cryptocurrencies.

SEC Chair Paul Atkins previously stated that the agency was 'ready, willing, and able' to create new rules for digital assets if the Senate failed to act.

The commission will hold an open meeting on Friday to consider policies affecting the crypto industry. However, it remains unclear how much authority the SEC has without congressional action.