SEC Chair says will draft crypto rules if CLARITY Act stalls

The head of the U.S. Securities and Exchange Commission has stated the agency is prepared to issue its own rules for the cryptocurrency market if Congress fails to pass key legislation this year. SEC Chair Paul Atkins, in an interview on July 28, said the agency could address major regulatory issues through its rulemaking authority but stressed that congressional action remains the preferred path to provide lasting certainty.

Atkins specifically called on the Senate to pass the proposed CLARITY Act, a bill designed to resolve a longstanding jurisdictional ambiguity by defining when a digital asset qualifies as a security versus a commodity. He argued that such legislation would future-proof the regulatory framework and give the SEC clear direction for overseeing the crypto market. The agency is actively providing technical assistance to lawmakers working on the bill.

However, the legislative path faces significant hurdles. The Senate has reportedly sidelined the digital market structure legislation for now to focus on advancing a Russia sanctions package and presidential nominees, reducing the time available for consideration before lawmakers leave for their August recess....