SEC Chair Paul Atkins said this week the agency is prepared to craft its own crypto regulations if the Clarity Act does not become law. The bill, which passed the House a year ago and cleared the Senate Banking Committee in May, has yet to get a floor vote in the full Senate.
The stalled Clarity Act
The Clarity Act was supposed to give the crypto industry a clear federal framework, preempting a patchwork of state rules. It sailed through the House in 2025 with bipartisan support. But it has been stuck in the Senate for months. The Banking Committee approved it in May, but Majority Leader Chuck Schumer has not scheduled a floor vote. The delay has frustrated both industry advocates and some lawmakers who want a legislative solution rather than agency rulemaking.
Atkins's warning
Atkins made the remarks during a conference in Washington, D.C., according to a transcript released by the SEC. He said the SEC is “ready to provide rules” if Congress doesn’t act. The statement is notable because Atkins has generally favored legislative clarity over SEC rulemaking. But with the Clarity Act in limbo, he signaled the agency won’t wait forever. “If the bill fails, we have a responsibility to act,” Atkins said, according to the transcript. The SEC has already proposed several crypto-related rules, but none have been finalized.
What comes next
The Senate returns from its August recess in September. Whether the Clarity Act gets a floor vote before the end of the year is an open question. If it doesn’t, the SEC’s rulemaking process could take months or years, and would likely face legal challenges. For now, the industry is watching the Senate calendar — and waiting.
