SEC Chair Atkins calls crypto rulemaking a market necessity. Yet with the CLARITY Act stuck in the Senate and EU's MiCA framework live, the U.S. risks losing ground.
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The SEC is defending its crypto rulemaking as a market necessity, not a concession to the industry. The legislation that would codify that guidance, the CLARITY Act, has not been scheduled for a Senate floor vote.
Chairman Paul Atkins said in a speech that the agency is taking historic steps. "This is not a favor to the industry; it's what markets require to function: clear rules for the road without preference," Atkins said. He cited the Trump administration's push to make America the crypto capital of the world.
Brian Daly, head of investment management at the SEC, told Bloomberg the agency is trying to rebuild trust after the prior enforcement-heavy approach. "We did a bad job with crypto, broke trust," Daly said. He described efforts to build an orderly process for the roughly 200 ETF filings the agency receives each month, including products tied to prediction markets.
The SEC has issued staff guidance on crypto asset classification and ETF frameworks. The guidance offers a framework. Staff interpretations are not codified law. They can still be challenged in court. The SEC's planned tokenization innovation exemption was delayed for that reason. Prediction market platforms also face legal fights from individual states and traditional betting firms.
For crypto projects and market makers, the difference between staff guidance and codified law matters. A staff letter can be rescinded by the next SEC chair. A statute survives. That makes the CLARITY Act's fate the single biggest regulatory catalyst for U.S.-listed crypto assets.
The bill would give statutory backing to the SEC's guidance and formalize CFTC oversight of spot crypto, resolving jurisdictional disputes. It cleared a key committee markup hurdle earlier this year. No date has been set for a floor vote in the Senate.
The EU's MiCA framework is now in effect, increasing pressure on the U.S. to act. The Coinbase-backed advocacy group Stand With Crypto issued a statement. "Every day without clear rules, innovation drifts overseas. The window is narrow," the group said.
As of now, the bill remains without a scheduled vote date.
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