US Crypto Legislation Faces Crucial Test in Senate Next Month

SEC Chair Paul Atkins expects a key test of US crypto legislation to come before lawmakers on September 15. The Senate is set to take up the CLARITY Act, which aims to create lasting rules for the industry. Atkins wants the bill to advance quickly and eventually reach President Donald Trump's desk.

The SEC is developing a framework that could work alongside the legislation and has proposed exemptions for certain crypto fundraising activities. Public feedback on these proposals is being sought, with Atkins emphasizing the importance of establishing a legal foundation that future SEC leaders would find harder to reverse.

Industry views remain mixed, with some expressing pessimism about the bill's chances. However, others have renewed their support for the CLARITY Act ahead of its expected Senate consideration. The SEC may rely on existing securities laws if Congress fails to pass new crypto legislation.