SEC's Atkins Vows Crypto Rule Push After Senate Setback on CLARITY Act

Securities and Exchange Commission Chairman Paul Atkins said the regulator will press ahead with its own crypto rulemaking agenda after the Senate failed to advance legislation that would have established a federal framework for digital assets.

The CLARITY Act stalled in the Senate on September 15 when a procedural vote fell short at 49 to 50, leaving the bill unable to reach the 60-vote threshold required for floor consideration. The measure, formally designated H.R. 3633, remains gridlocked as lawmakers have yet to resolve disputes over ethics provisions and stablecoin rules.

Atkins, speaking at the Solana Policy Institute Summit on September 14, laid out a three-part framework the agency is pursuing independently of Congress. In a separate post on X the following day, he thanked those who worked on the legislation, including members of the administration, Congress, investors and innovators, and reiterated that the SEC will act "decisively" within its existing legal authority.

"Their shared belief that America must continue to lead remains essential," he wrote.

Self-Custody Proposal Takes Center Stage

The most immediate piece of the SEC's crypto agenda is a proposal Atkins said he has directed staff to draft that would allow investment advisers to self-custody crypto assets under certain conditions. The plan would also examine whether state trust companies can serve as qualified custodians for digital assets held by advisers and regulated funds.