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SEC Chairman Paul Atkinssaid on Wednesday that the agency will move decisively to give the cryptocurrency industry regulatory certainty, regardless of the CLARITY Act’s fate.
Atkins Assures of Regulatory Certainty
In an X post, Atkins thanked efforts across government, Congress, investors, and innovators on the key piece of legislation after the Senate failed to advance the CLARITY Act in a procedural vote.
“I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors,” Atkins said. “Our collective conviction that America must continue to lead is indispensable.”
Coinbase Global Inc.(NASDAQ:COIN) CEO Brian Armstrong welcomed Atkins’ remarks with a “Thank You.”
CFTC Also Locked in
CFTC Chair Mike Selig also weighed in, stating that the commodities regulator is “locked in” and ready to ship rules for the new frontier of finance.
Tyler Winklevoss, co-founder of Gemini Space Station, Inc. (NASDAQ:GEMI), expressed optimism that the two agencies “deliver the clarity” the U.S. needs to become the cryptocurrency capital of the world.
What Next After CLARITY Act Failure?
Bernsteintold clients that the SEC and CFTC are expected to move quickly to fill the regulatory gap created by the CLARITY Act’s failed procedural vote.
Regulators are expected to prioritize cryptocurrency token classification, stock tokenization, DeFi and self-custody protections.
Notably, the SEC issued an interpretation earlier this year that “most cryptocurrency assets,” including non-fungible tokens and dollar-backed stablecoins, aren’t securities.
The SEC said digital collectibles generally aren’t securities, while payment stablecoins generally aren’t securities subject to the terms of the GENIUS Act, other stablecoins can be securities depending on their features.
It has also proposed a new regulation proposal to clear a path for cryptocurrency projects to raise money without immediate registration requirements.
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