SEC Ready to Fill Void if Clarity Act Fails
SEC Chairman Paul Atkins has announced that his agency is ready to provide rules for the crypto market if the Clarity Act fails to pass in Congress. The Clarity Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over the spot market for digital assets, has stalled in the Senate due to opposition from Democrats.
The bill passed the House last July with broad bipartisan support and was approved by the Senate Banking Committee in May. However, it has yet to come up for a vote on the Senate floor, and Senate Majority Leader John Thune does not expect it to pass before the August recess.
In the absence of legislation, Atkins said his agency is prepared to issue rules that address the same issues as the Clarity Act. These include token registration exemptions, broker-deal custody rules, and trading venues, among others.
Atkins emphasized the importance of clear direction for the crypto market, stating that 'statute is a way of future-proofing something' and that his agency needs 'the certainty of statute to go forward.' Despite the current impasse, he remains optimistic that the legislation will ultimately pass and that his agency is working closely with lawmakers to provide technical assistance.