SEC to Press On with Crypto Rulemaking Despite Senate Uncertainty

SEC Chair Paul Atkins said that regardless of the Senate's decision on the CLARITY Act, the SEC will continue to move forward with its Project Crypto rulemaking initiative. The cloture vote for the bill needs 60 votes, but even if it passes, the SEC will press on with three specific rulemaking efforts: Regulation Crypto Assets, updated transfer-agent rules, and a self-custody proposal for investment advisers.

Atkins emphasized that these rulemakings will continue regardless of the Senate outcome. The first effort, Regulation Crypto Assets, is described as one of the biggest updates to federal securities law in years, which could allow token creators to raise money in the United States under clear rules.

The second track focuses on transfer agents, whose rules have not been updated in about 40 years. This is crucial for tokenized securities and on-chain funds, with firms like ARK, BlackRock, and Fidelity already competing in this space.