U.S Securities and Exchange Commission (SEC) Chairman Paul Atkins has dismissed criticism of the President Trump Administration’s push for clear crypto market rules.
In a recent speech, Atkins maintained that the regulator is still making “historic steps” to modernize rules.
Over the past year, we have moved purposefully to answer President Trump’s call to make America the crypto capital of the world. We are taking historic steps to modernize our rules and regulations to facilitate markets moving on-chain
He added,
After years of obscurity, we’ve delivered long-hauled certainty for digital asset issuers. This is not a favor to the industry; it’s what markets require to function: clear rules for the road without preference.
As the key regulators of the crypto market, as proposed under the CLARITY Act, the SEC and CFTC have made efforts to align their efforts and oversight in the sector.
In fact, the SEC has issued several staff guidance offering clarity on crypto asset classification, ETF framework, etc.
Industry pushes for CLARITY Act’s Senate vote
Interestingly, the agency has doubled down to offer more clarity in the sector.
In a separate interview with Bloomberg, the SEC’s Head of Investment Management, Brian Daly, echoed the same stance. For him, the move is aimed at rebuilding trust.
We did a bad job with crypto, broke trust, but we are looking to get back to a good place and make an orderly process to deal with the 200(!) ETF filings they get every month, including novel stuff like prediction markets.
Still, if the SEC’s guidance isn’t anchored in codified law and solely based on its staff’s interpretation, it can be challenged in the courts.
In fact, the regulator’s planned tokenization innovation exemption was delayed because of this. Additionally, prediction market platforms continue to face legal fights from states and traditional betting firms.
A lasting clarity could be achieved through the crypto market structure bill, the CLARITY Act, passage into law.
Unfortunately, as of writing, the bill, which cleared a key committee markup hurdle, has yet to be scheduled for a Senate floor vote.
With the EU’s MiCA framework now live, the U.S government has been pressured to push for the CLARITY Act too. Coinbase-backed lobby group, Stand With Crypto, pressed,
Every day without clear rules, innovation drifts overseas. The window is narrow. Tell your Senators to schedule a vote for Clarity.
Final Summary
- SEC Chair Atkins said clarity for the crypto market is not a ‘favor’ but what’s required for a functioning industry.
- But long-lasting clarity could only be offered by the passage of the CLARITY Act, whose passage is facing uncertainty.
