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SEC Crypto Rules Get Peirce Backing After Senate Bill Stalls
SEC's proposed crypto framework wins praise from Commissioner Peirce days after Senate fails to advance CLARITY Act. Galaxy cuts passage odds to 10%.
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The Securities and Exchange Commission’s proposed crypto rules, released Tuesday, create a framework for investment contracts involving digital assets. Commissioner Hester Peirce called the proposal an important step away from the agency’s previous “inapt” approach. “A whole generation has struggled with the SEC’s insistence” on applying rules not designed for crypto, she said in a statement.
The proposal arrived days after the Senate failed to advance the CLARITY Act, legislation that would have provided a broad regulatory structure for the industry. Senate inaction cleared the path for the SEC to act on its own, a move Chairman Paul Atkins had signaled in a CNBC interview on July 27. Atkins said the agency was “ready, willing, and able” to issue rules if Congress did not.