SEC Project Crypto Unaffected by Senate Clarity Act Vote

SEC Chair Paul Atkins has confirmed that the regulatory agency's Project Crypto initiative will continue to move forward, regardless of the outcome of the Senate's CLARITY Act vote. Speaking at the Solana Policy Institute summit on September 14, Atkins expressed support for the cloture vote but emphasized that the SEC's rulemaking plans are unaffected by the legislative process.

The SEC has identified three key areas of focus under Project Crypto: Regulation Crypto Assets, updated transfer-agent rules, and a self-custody proposal for investment advisers. The first track aims to update federal securities law with clear guidelines for token creators to raise money in the United States. The second track addresses outdated transfer agent rules, which have not been revised since 1982.

The third track is a new proposal from Atkins, who has asked SEC staff to develop a plan that would allow investment advisers to hold their own crypto when no qualified custodian is available. This could potentially remove barriers for advisers and fund managers to participate in the digital asset market.

With at least seven Democrats needed to vote yes for the cloture vote to pass, the outcome remains uncertain. However, Atkins' comments suggest that regulatory clarity for crypto will be achieved through agency action, regardless of the Senate's decision on the CLARITY Act.