SEC Chair Says Crypto Regulations Will Proceed Regardless of Clarity Bill

The U.S. Securities and Exchange Commission (SEC) has declared its intention to advance virtual asset regulations regardless of whether the Clarity Act passes. SEC Chair Paul Atkins urged Congress to pass the bill ahead of a Senate vote, stating that the agency will proceed with its own regulatory framework even if the legislation does not become law.

Atkins made the remarks at an event hosted by the Solana Policy Institute in Washington D.C. on April 14, as reported by ABMedia. The SEC has previously proposed a 'Regulation Crypto Assets' framework aimed at establishing a tailored regulatory system for the virtual asset market. The agency stated that the proposal is intended to reform fundraising and disclosure mechanisms within the sector.

Key components of Atkins' 'Project Crypto' initiative include:

• 'Regulation Crypto Assets'
• Revising transfer agent regulations to incorporate blockchain-based digital ownership records
• Establishing custody rules for virtual assets held by investment advisors and regulated funds