Summary
- SEC Chair Paul Atkins said he supports congressional passage of the CLARITY Act and will continue pursuing crypto regulatory reform regardless of the bill's fate.
- The SEC said it will use Project Crypto and Regulation Crypto Assets to reduce regulatory uncertainty around capital raising in the U.S. using digital assets.
- The SEC said it is reviewing changes to crypto custody rules that would allow investment advisers to hold digital assets directly and use state-chartered trust companies as custodians.
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Paul Atkins, chair of the U.S. Securities and Exchange Commission, backed congressional passage of the CLARITY Act while signaling the agency will continue pressing ahead with crypto regulatory reform regardless of whether the bill is enacted.
CoinDesk reported on September 14 that Atkins, speaking at a Solana Policy Institute event in Washington, said Congress should vote to advance the CLARITY Act and send it to the president as soon as possible.
He also made clear that congressional action is not a prerequisite for the SEC's policy agenda. "Let me be clear: with or without that legislation, this administration will pursue policies for American investors and technology innovators," he said.
The SEC is currently revamping its crypto regulatory framework through Project Crypto. Atkins said the agency is pursuing three core initiatives to establish rules covering the issuance, transfer and custody of digital assets.
First, the SEC is advancing what Atkins called Regulation Crypto Assets to reduce regulatory uncertainty around capital raising in the U.S. using digital assets. The agency also plans to update transfer-agent rules that are about 40 years old so blockchain can be used as a digital ownership ledger.
The SEC is also seeking to revise crypto custody rules. It is considering whether to allow investment advisers to hold digital assets directly if they meet certain conditions, or to use state-chartered trust companies as custodians.
Atkins described those measures as the "three pillars" of the crypto regulatory framework and said the SEC must not become the agency that is last to recognize that the world has changed.
Meanwhile, the U.S. Senate is set to hold a procedural vote on September 15 on whether to begin formal consideration of the CLARITY Act.
