U.S. SEC Can Advance Crypto Rules if Congress Fails to Pass CLARITY Act

U.S. SEC Chair Paul Atkins said the agency is prepared to establish rules for the cryptocurrency market using its existing authority if Congress does not approve the proposed CLARITY Act, while noting that legislation would provide a more stable regulatory framework.

Atkins said congressional action would offer greater long-term certainty by creating rules that are less susceptible to policy shifts between presidential administrations.

The CLARITY Act cleared the Senate Banking Committee in a 15-9 vote on May 14 but has yet to receive a vote before the full Senate.

Source: CNBC