SEC Chairman Paul Atkins said the proposed crypto rules aim to bring offshore innovators back to the US and work alongside the CLARITY Act. The Senate votes Sept. 15.
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SEC Chairman Paul Atkins said the agency's proposed crypto regulatory framework is designed to reshore innovators who moved offshore and is consistent with the CLARITY Act. Atkins made the comments in an interview with Fox Business's "Mornings with Maria."
"Our proposed regulation is our most historic step yet to try to bring reality to the president's call to make the United States a crypto capital world," Atkins said.
The Senate is set to vote on the CLARITY Act on Sept. 15. Atkins said he hopes the measure passes and reaches President Donald Trump for his signature.
The SEC proposal includes exemptions for fundraising and other conditions, Atkins said. The agency is collecting public comments now to advance rules that align with the legislation if Congress approves it.
Atkins argued the previous administration's policies drove innovators offshore. He said the US should provide a legal framework that lets investors participate at home, since capital can move anywhere online.
Asked how far the SEC could proceed if Congress does not advance the CLARITY Act, Atkins said the agency has authority under existing law to press ahead, including through exemptions. He said statutory backing is necessary to make the rules stable and sustainable, so future SEC commissions cannot easily revise them through notice-and-comment procedures.
"Our goal is to get them adopted to get them taken up by the industry so that you have a course of dealing and practice and then what we really do need though is statutory grounding of this to make sure that it is sustainable and lasting into the future," Atkins said.
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