U.S. Securities and Exchange Commission Chair Paul Atkins said Congress should move the CLARITY Act forward and send it to the president for signature as soon as possible. He also said the SEC will keep advancing its crypto asset regulatory agenda even if the bill does not ultimately pass. Atkins said the agency’s "Project Crypto" will focus on three areas: creating issuance rules for crypto assets to give companies a clearer path to raise capital in the U.S. through digital assets, updating transfer agent rules that are roughly 40 years old to include blockchain-based ownership ledgers, and clarifying custody requirements for investment advisers and regulated funds while allowing self-custody and the use of state-chartered trust companies under certain conditions. The U.S. Senate is set to hold a key procedural vote on Tuesday to move the bill forward. At the same time, banking industry groups are still pushing for tighter limits on stablecoin interest and rewards, while 18 state attorneys general and the attorney general for Washington, D.C., have raised concerns that the measure could weaken local authority to pursue crypto fraud cases.
U.S. Securities and Exchange Commission Chair Paul Atkins urged Congress to advance the CLARITY Act and send it to the president for signature as soon as possible on Sept. 15.
Atkins also said the SEC will keep moving ahead with its crypto asset regulatory agenda whether or not the bill ultimately passes, saying the work is intended to support U.S. investors and technology innovators.
Project Crypto sets out three pillars
According to Atkins, the SEC’s "Project Crypto" will be built around three pillars.
- Creating rules for crypto asset issuance to give companies a clearer regulatory framework for raising capital in the United States through digital assets;
- Updating transfer agent rules that are about 40 years old to bring blockchain ownership ledgers into the framework;
- Clarifying crypto asset custody requirements for investment advisers and regulated funds, while permitting self-custody and the use of state-chartered trust companies under specific conditions.
Senate vote set for Tuesday
The U.S. Senate is scheduled to hold a key procedural vote on Tuesday on whether to move the bill forward.
Banking industry groups are still calling for tighter restrictions on stablecoin interest and rewards. Separately, attorneys general from 18 states and Washington, D.C., have said they are concerned the bill would weaken local powers to pursue crypto fraud.
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