U.S. SEC Chair Supports the CLARITY Act, Says Crypto Regulation Will Advance Regardless of Whether It Passes

BlockBeats news, September 15 — U.S. SEC Chairman Paul Atkins urged Congress to advance the CLARITY Act and send it to the President for signature as soon as possible. He also stated that regardless of whether the bill ultimately passes, the SEC will continue to push forward its crypto asset regulatory agenda to support American investors and technological innovators.

Atkins said the SEC's "Project Crypto" will be built around three pillars: establishing rules for crypto asset issuance to provide a clearer regulatory framework for companies raising funds in the U.S. through digital assets; updating the roughly 40-year-old transfer agent rules to incorporate blockchain ownership ledgers; and clarifying crypto asset custody requirements for investment advisers and regulated funds, while permitting self-custody and the use of state-chartered trust companies under certain conditions.

The U.S. Senate will hold a key procedural vote on Tuesday to advance the bill. Currently, banking groups are still demanding stricter limits on stablecoin interest and rewards, while 18 state attorneys general and the Attorney General of Washington, D.C., are concerned that the bill would weaken local authority to pursue crypto fraud.