SEC Chair: SEC Will Set Its Own Crypto Rules if Clarity Act Stalls

The Clarity Act would give the CFTC exclusive jurisdiction over spot digital commodity markets. That shift would move most tokens outside the SEC's reach. Atkins said he still expects Congress to pass the bill eventually. The SEC continues offering technical assistance as lawmakers work through the text. Atkins repeated his support in a post on X on Tuesday.

The SEC has already assembled part of an alternative framework on its own. Atkins's Project Crypto initiative, announced in November, laid the groundwork. It produced a Regulation Crypto rulemaking package now sitting on the agency's 2026 agenda. Atkins has described this package as a bridge to the Clarity Act. The package covers token registration exemptions and custody standards for digital assets. It also proposes a safe harbor for projects moving toward decentralization. Broker-dealer custody rules and trading venue standards round out the plan. Each piece is designed to function even without new legislation.

Agency rulemaking still carries real limits compared to a statute. The SEC and CFTC issued joint guidance in March classifying 16 tokens as digital commodities. Bitcoin and Ethereum were among those named. The classification was widely viewed as a stopgap ahead of formal legislation. That guidance remains administrative rather than statutory. A future administration could withdraw it without any congressional vote. Atkins has argued that vulnerability is why permanent legislation matters.