SEC chair presses Congress to pass CLARITY Act, says regulators are ready
Securities and Exchange Commission Chair Paul S. Atkins on Thursday used X to urge Congress to move forward with the long‑pending CLARITY Act — the bill designed to establish a formal market‑structure framework for crypto in the United States. Atkins framed the legislation as the antidote to “regulation by enforcement,” saying clear statutory rules would let federal agencies apply consistent oversight to digital assets.
“At Project Crypto is designed so once Congress acts, @SECGov & @CFTC are ready to implement the CLARITY Act,” Atkins wrote, arguing it’s “time for Congress to future‑proof against rogue regulators & advance comprehensive market structure legislation to President Trump’s desk.” His message echoes a recent Wall Street Journal op‑ed by Treasury Secretary Scott Bessent warning that the U.S. risks ceding leadership in financial innovation without durable crypto rules. Bessent said predictable legal standards would encourage entrepreneurs and developers to “reshore” digital‑asset activity to American markets.
Atkins’ post also invoked Project Crypto, the coordinated SEC–CFTC initiative aimed at harmonizing token classification and clarifying how on‑chain trading, custody and settlement should be treated under federal law. That effort produced a joint interpretation in March that many in the industry called the first meaningful step toward the legal clarity the sector has sought for years.
But momentum for the CLARITY Act is bumping up against a contentious impasse tied to the stablecoin rules already enacted under the GENIUS Act. The earlier legislation included a provision barring permitted stablecoin issuers from paying interest or yield to customers just for holding tokens. Banks argue that restriction creates a loophole that third parties could exploit by offering rewards to stablecoin holders, and they want the market‑structure bill to close it. The crypto industry counters that the ability to provide rewards is essential for stablecoins to compete as viable payment instruments.
Multiple White House discussions have tried to bridge the divide, but no public compromise has been announced. Senators Angela Alsobrooks and Thom Tillis put forward a bipartisan proposal late last month that appeared to move toward consensus, yet it’s still unclear whether it satisfies both the banking sector and crypto stakeholders.
For now, regulators say they’re prepared to act if Congress passes the CLARITY Act — but lawmakers will first have to resolve the high‑stakes dispute over stablecoin incentives before sending unified legislation to the president.
Featured image: OpenArt. Chart: TradingView.com.
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