SEC Chair Expects Clarity Act to Pass This Month

According to reporting by Bitcoin Magazine, Securities and Exchange Commission Chairman Paul Atkins stated that he expects the long-awaited Clarity Act to pass this month. Speaking to Fox Business, Atkins confirmed that the regulator is pushing forward with rules to assist the crypto industry, placing the United States on track to become the "crypto capital of the world."

Although pro-crypto lawmakers originally aimed to pass the Clarity Act before the August recess, the vote was delayed to September. Atkins noted that the Senate vote is scheduled for September 15, and he anticipates it will pass and reach the President's desk. The legislation will create a framework to distinguish whether digital assets function as securities, commodities, or stablecoins.

Despite the previous delay, the SEC and the Commodity Futures Trading Commission have continued pursuing crypto policy initiatives. The Clarity Act previously passed the House of Representatives last year but faced a deadlock due to disputes involving the banking lobby, lawmakers, and crypto businesses over platforms paying customer yield. Additionally, debates emerged over ethics provisions and government official restrictions, with accusations of political delays from various lawmakers.