SEC Chairman Paul Atkins said the agency will press ahead with crypto rules after the Senate blocked the CLARITY Act from advancing on September 15.
Atkins said in an X post Wednesday that the SEC would use its existing legal authority to provide more certainty for investors and crypto companies. The Senate voted 49-50 on the procedural motion, falling short of the 60 votes needed to advance the bill.
SEC Keeps Crypto Rulemaking Moving
The SEC had already begun developing its own crypto framework before the Senate vote. In August, the agency proposed “Regulation Crypto Assets,” covering certain investment contracts involving crypto assets.
Related: House Panel Advances Digital Asset Tax Certainty Act in 38-5 Vote
The proposal would create a startup exemption for offerings of up to $5 million over four years and a fundraising exemption allowing up to $75 million during each 12-month period. It would also establish a conditional safe harbor for certain crypto assets linked to investment contracts.
Congress Still Holds Broader Role
The CLARITY Act would establish a broader digital-asset framework and divide regulatory responsibilities between the SEC and Commodity Futures Trading Commission.
The failed procedural vote leaves the legislation stalled while the SEC continues its regulatory work under existing authority. Atkins has also said the SEC will continue pursuing crypto regulatory work as Congress considers legislation.
Related: Lummis Revives US Bitcoin Reserve Push as House Advances Crypto Bills
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