SEC Chair Predicts Clarity Act Passage This Month, Calls US 'Crypto Capital'

ChainCatcher report: U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins stated that he expects the long-anticipated Clarity Act to pass in the Senate this month, suggesting the U.S. could soon become the "capital of crypto capital." Atkins confirmed in an interview with Fox Business that the bill will be voted on in the Senate on September 15, and he anticipates its passage and eventual submission to the President for signature. Atkins said regulators are advancing rules to support the growth of the crypto industry, adding, "We are changing past practices to update regulations to fit the era of blockchain and crypto assets." Last week, the SEC submitted a proposal to the White House aimed at clarifying the custody framework for crypto assets for investment advisers and firms. The Clarity Act seeks to establish a regulatory framework distinguishing whether digital assets are classified as securities, commodities, or stablecoins. The bill passed in the House last year but has been stalled for much of this year due to disagreements between banking lobbying groups and crypto companies over whether platforms like Coinbase should be allowed to pay yields to customers. Some lawmakers have attempted to revise ethical provisions within the bill, while a new bill has circulated since July prohibiting government officials from promoting crypto assets and profiting from them. However, some Democratic lawmakers believe these provisions remain insufficient, while several pro-crypto Republican lawmakers accuse Democrats of deliberately politicizing and delaying the legislative process.