U.S. SEC Chair Supports CLARITY Act, Vows to Continue Crypto Regulation Efforts

Huoxing Finance reports that on September 15, U.S. SEC Chair Paul Atkins urged Congress to advance the CLARITY Act and submit it to the President for signing as soon as possible. He also stated that, regardless of whether the bill ultimately passes, the SEC will continue advancing its cryptocurrency regulatory agenda to support American investors and innovators. Atkins said that the SEC’s “Project Crypto” will be built on three pillars: establishing rules for cryptocurrency issuance to provide a clearer regulatory framework for companies seeking to raise capital through digital assets in the U.S.; updating the nearly 40-year-old transfer agent rules to incorporate blockchain-based ownership ledgers; and clarifying custody requirements for investment advisers and regulated funds holding crypto assets, while permitting self-custody and use of state-chartered trust companies under specific conditions. The U.S. Senate will hold a key procedural vote on advancing the bill on Tuesday. Currently, banking groups continue to call for stricter limits on interest and rewards for stablecoins, while 18 state attorneys general and the attorney general of Washington, D.C., have expressed concerns that the bill may weaken local authorities’ ability to pursue crypto fraud.