Tldr:
- Atkins says the SEC will act on its own if the Clarity Act falters in the Senate.
- The bill lost momentum after approval by the House and Senate Banking Committees earlier.
- Ethics and return rules on stablecoins remain unresolved sticking points for Democrats.
- Project Crypto’s rulemaking package provides a backup bridge until legislation is successful.
SEC Chairman Paul Atkins said the agency would step in with its own cryptocurrency market rules if the Clarity Act falters in Congress. Atkins said CNBC The SEC stands ready to provide this framework if the bill fails to gain Senate approval.
He said legislation remains the best path, because the law cannot change with every new administration. The bill has stalled, having already cleared two major hurdles.
Bell stalls despite early momentum
the The law of clarity The House of Representatives approved it by a majority of 294 votes to 134 last July. The Senate Banking Committee then approved the vote by a 15-9 vote in May, with nine Democrats dissenting. That momentum has since faded as the bill remains without a vote. A full vote in the Senate requires 60 votes to pass.
Senate Majority Leader John Thune said last week that the bill would likely not pass the Senate before the August recess. The Senate has since put the measure on hold for the time being.
Some Senate Democrats object to ethics rulings covering officials’ cryptocurrency dealings. They say the current language doesn’t go far enough.
whether stablecoins Whether it could drive a return also remains an open question. The Clarity Act would give the CFTC exclusive jurisdiction over spot digital commodity markets.
This shift will move most tokens outside the regulatory scope of the SEC. Atkins said he still expects Congress to eventually approve the bill.
The SEC continues to provide technical assistance while lawmakers work on the text. Atkins reiterated his support in a post on X on Tuesday.
He wrote that he remains committed to helping Congress move forward with the legislation. His statements come at a time when the draft law’s stumbling increases the pressure to develop a backup plan.
The agency is already building a reserve
the second She had already assembled part of a replacement frame on her own. The Atkins Project Crypto initiative, announced in November, laid the foundation for this effort.
It produced a crypto rulemaking package that is now on the agency’s agenda for 2026. Atkins described the package as a bridge to the Clarity Act.
The package covers token registration exemptions and custody standards for digital assets. It also suggests a safe haven for projects moving towards decentralization.
Broker-dealer custody rules and trading venue standards complete the plan. Every piece is designed to work even without new legislation.
Agency rulemaking still has real limitations compared to the law. The SEC and CFTC issued joint guidance in March to classify 16 tokens as digital commodities.
Bitcoin and Ethereum It was among the tokens named under this directive. The designation was widely seen as a stopgap before formal legislation.
This guidance remains administrative and not statutory in nature. Any future administration could withdraw it without any vote in Congress.
That exposure is why Atkins continues to push lawmakers toward permanent legislation. As the law of clarity falters, it becomes difficult for the market to ignore this vulnerability.
