SEC Chair Says It Will Create Crypto Rules If the Clarity Act Fails

According to Decrypt, SEC Chair Paul Atkins stated that if Congress fails to pass the CLEAR Act, the SEC is "ready to act" at any time to establish its own rules for the cryptocurrency market. Atkins emphasized that legislation is the only way to prevent regulatory frameworks from changing with each administration, and expressed continued optimism that the bill will ultimately pass. The CLEAR Act has already passed the House of Representatives in July last year by a vote of 294–134 and was approved by the Senate Banking Committee in May this year by a vote of 15–9, but it has not yet undergone a full Senate vote (which requires 60 votes). Senate Majority Leader Thune recently hinted that the bill may not be voted on before the August recess. If passed, the bill would transfer regulatory authority over spot markets for most tokens to the CFTC, removing them from the SEC’s jurisdiction. In anticipation, the SEC has already laid groundwork: Atkins’ “Project Crypto” regulatory framework has been included in the 2026 agenda and includes provisions for token registration exemptions, safe harbors, and broker custody—viewed as a transitional plan should the CLEAR Act fail.