SEC plans cryptocurrency regulatory action as CLARITY Act stalls
With the Senate on recess through September, the Securities and Exchange Commission is preparing to tackle cryptocurrency oversight matters that the CLARITY Act would have otherwise addressed.
The Securities and Exchange Commission (SEC) of the United States has scheduled a meeting to evaluate "new rules to create a tailored offering regime for certain investment contracts involving crypto assets."
Based on the commission's published agenda, the SEC plans to convene an open meeting this Friday that could result in the implementation of policies and regulatory measures impacting the cryptocurrency sector, even without legislative direction from Congress. During the previous week, Senate legislators were unable to secure passage of the Digital Asset Market Clarity Act, commonly referred to as CLARITY, a bill that was anticipated to establish a thorough regulatory framework guiding financial oversight agencies in their supervision of digital currencies.
Prior to the congressional recess, SEC Chair Paul Atkins stated that the agency stood "ready, willing, and able to come out with rules" concerning digital assets should the Senate prove unsuccessful in advancing the CLARITY bill, though questions remain regarding the extent of the commission's authority in the absence of legislative guidance from Congress. Cointelegraph contacted the SEC seeking additional comment but had not received an immediate response.
Despite last week's setback, the legislation retains the possibility of becoming law. When lawmakers reconvene following their recess on Sept. 14, Senate Majority Leader John Thune submitted a cloture motion for the CLARITY Act, though the bill would presumably encounter considerable obstacles to achieve passage on the Senate floor, make its way back to the House of Representatives and ultimately reach US President Donald Trump's desk for signature. The president continues to face scrutiny and criticism from numerous legislators regarding his family's cryptocurrency business activities, which many believe should be examined under the ethics requirements contained within the market structure legislation.