SEC Chair Paul Atkins announced the agency is prepared to step in with its own crypto market rules if Congress stalls on the CLARITY Act, which remains caught up in Senate delays ahead of the August recess. Although the bill passed the House, Senate priorities have shifted toward sanctions and presidential nominees, squeezing the timeframe for crypto legislation this year.
Atkins emphasized the SEC’s preference for clear congressional statutes to guide regulation but insisted the agency can act independently if needed. He highlighted ongoing technical support the SEC provides to lawmakers to refine the digital asset market structure bill, which addresses exchanges, brokers, tokens, and oversight roles.
Senate Slowdown Cuts Chances for 2026 Approval
The CLARITY Act’s momentum is fading in the Senate, with Polymarket odds for its passage in 2026 falling sharply from 82% in February to just 35%. The Senate’s focus on other issues leaves little floor time for crypto measures, raising concerns supporters must act before the midterm elections make bipartisan deals tougher.
Market reaction was swift. Bitcoin slipped below $65,000 while Ethereum dropped nearly 4% amid the July 28 pullback as traders scaled back exposure. Senator Cynthia Lummis recently combined committee drafts but faces a complex path forward amid shifting Senate dynamics and competing legislative priorities.
This article is for informational purposes and does not constitute financial advice.
