SEC ready to act if Congress stalls on CLARITY Act

U.S. Securities and Exchange Commission Chair Paul Atkins said the regulator is prepared to write crypto market rules if Congress fails to pass the CLARITY Act, offering an agency-led fallback as Senate negotiations continue. Summary SEC Chair Paul Atkins says agency rules could proceed if Congress fails to pass CLARITY. Senate Banking advanced the bill 15-9, but the full Senate has not voted on it. Agency rulemaking cannot independently grant the CFTC statutory authority over digital commodity spot markets nationwide. Atkins told CNBC that the SEC was “ready, willing and able” to address issues covered by the bill through its existing authority. However, he said legislation remained the preferred route because “statute is the way to future-proof something.” His comments describe the agency’s intended approach rather than a completed rulemaking action. On July 28, Atkins also said publicly that the SEC was providing Congress with technical assistance as lawmakers worked on the legislation. I am committed to supporting Congress in advancing the CLARITY Act, including providing technical assistance.American leadership in the digital finance revolution means matching the energy of Ame...