Securities and Exchange Commission Chairman Paul Atkins has thrown support behind the long-awaited cryptocurrency market structure bill.
Writing for X Tuesday, the head of Wall Street’s largest regulator He said He is “committed to supporting Congress in advancing” the bill.
A number of lawmakers hope that the Clarity Act will be passed before Congress leaves for its August recess. Although the bill was drafted by both the Republican and Democratic parties, some Democrats are dissatisfied with the current version.
“American leadership in the digital finance revolution means matching the energy of American innovators with a regulatory framework that befits them,” Atkins wrote on the social media platform, adding a video clip from Monday. CNBC An interview where he talked about the need for such a law.
Atkins, President Trump’s pick, was formally sworn in as the 34th Chairman of the SEC last year. He has taken a more crypto-friendly approach to regulating the space compared to his predecessor, Gary Gensler.
The regulator is the latest big name to push the clarity law over the line.
Major financial institutions such as Fidelity and Goldman Sachs have thrown their weight behind the new bill, but a group of Democrats last week He said In a statement that the draft law in its current form falls short.
A number of lawmakers hope that the bill will be passed before Congress leaves for its August recess.
Although it passed the House last year with strong bipartisan support, the Clarity Act remained deadlocked through most of 2026, in part because top bankers raised concerns about stablecoin yields among Democrats’ concerns about ethics language.
Banking lobbyists have said that if cryptocurrency exchanges pay attractive returns to customers, banks could lose their deposit base.
An updated Clarity Act bill was introduced last week that addressed ethical concerns, barring government officials and their families from issuing or promoting cryptocurrencies.
Republicans hope to make gains Bipartisan support For the bill this week to advance the legislation. If passed, the long-awaited bill will create a regulatory framework for the cryptocurrency market.
