U.S. Securities and Exchange Commission Chair Paul Atkins said the agency will move to clarify rules for onchain fundraising even though the CLARITY Act did not pass Congress. The bill failed to advance in the Senate on Sept. 15 by a 49-50 vote, falling short of the 60 votes required. Atkins did not say whether the SEC’s next step will come through an exemption, a registration pathway, or staff guidance. His remarks point to action within the agency’s current statutory authority rather than waiting for new legislation. The update comes after the SEC took steps on Sept. 17 to clear the way for tokenized stocks and then issued nine frequently asked questions on Sept. 25 explaining how promises made by token issuers can affect whether an instrument is treated as a security. The agency’s makeup is also set to change, with Commissioner Hester Peirce scheduled to leave on Oct. 2, leaving Atkins and Mark Uyeda as the SEC’s only sitting commissioners, according to Bitcoin.com News.
SEC Chair Paul Atkins said the U.S. Securities and Exchange Commission will clarify rules for onchain fundraising within its existing statutory authority, even though the CLARITY Act did not pass Congress.
The U.S. Senate failed to move the CLARITY Act forward on Sept. 15, with the measure falling 49-50 and missing the 60-vote threshold required to advance.
Atkins has not disclosed what form the guidance will take. He did not say whether the SEC will use an exemption, a registration pathway, or staff guidance.
Before that, the SEC moved on Sept. 17 to clear the way for tokenized stocks. On Sept. 25, it also published nine frequently asked questions explaining how commitments made by token issuers can affect whether an offering is considered a security.
Commissioner Hester Peirce is set to leave on Oct. 2. After her departure, the SEC will have only two sitting commissioners left: Atkins and Mark Uyeda.
The report was cited by Bitcoin.com News.
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