SEC's Atkins Expects CLARITY Act to Advance in Senate This Month

SEC Chairman Paul Atkins believes that the CLARITY Act will move forward in the Senate this month. The bill, which aims to establish a federal framework for digital assets and divide regulatory responsibilities between agencies, is set to face its Senate test on September 15th.

The Senate is scheduled to hold a procedural vote on the motion to proceed with the legislation, but it will require at least 60 votes to clear this hurdle. The current disagreement surrounding stablecoin rewards and ethics provisions has slowed down negotiations between lawmakers and crypto companies.

Regulators have been working on digital asset rules under their existing authority despite congressional delays. SEC Chairman Atkins expressed confidence that the process could still move forward, stating 'We're changing the past approaches to try to update [rules], modernize them in the age of blockchain and crypto assets.'

The CFTC has also prepared digital asset proposals that could move forward using powers it already holds. However, broader routine supervision of digital commodity spot markets would still require authority from Congress.