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SEC Chairman Atkins Says Agency Will Write Crypto Rules If Congress Fails
SEC Chair Paul Atkins says the agency will write crypto rules if Congress fails to pass the Clarity Act, warning that administrative guidance alone can be withdrawn by a future administration.
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The SEC will write crypto market rules itself if Congress fails to pass the Clarity Act, chairman Paul Atkins said. The agency is "ready, willing, and able to come out with rules" covering the same ground, he told CNBC on Monday, and would "stand ready to provide that" should the bill not clear the Senate.
"Statute is the way to future-proof something," Atkins said, adding that the market needs "the certainty of a statute" so the framework does not shift with each administration. He said he remains optimistic Congress will pass the bill and that the SEC is providing technical assistance, a case he pressed again on Tuesday in a post on X saying he is "committed to supporting Congress in advancing" it.
The Clarity Act passed the House 294-134 in July last year and cleared the Senate Banking Committee 15-9 in May, with nine Democrats against. It has not reached a floor vote, where it would need 60 votes, and the Senate breaks for recess in August. The bill would hand the CFTC exclusive jurisdiction over spot markets in digital commodities, moving most tokens outside the SEC's reach.