Key facts
- SEC Chair Paul Atkins stated the agency's crypto rulemaking will continue regardless of the CLARITY Act's fate.
- The CLARITY Act failed a cloture vote in the US Senate, falling short of the 60 votes needed to advance.
- Ripple CEO Brad Garlinghouse expressed optimism that the SEC and CFTC will issue rules to fill the legislative gap.
- NEAR chief legal officer Abhishek Vaidyanathan warned that relying on agency guidance may only offer temporary reprieve.
- Senator Thom Tillis moved to reconsider the failed cloture vote on the CLARITY Act.
The US Senate's failure to advance the CLARITY Act, a significant bill aimed at establishing a regulatory framework for digital assets, has led the crypto industry to turn its attention to financial regulators for clarity. SEC Chair Paul Atkins has affirmed that the agency's crypto rulemaking efforts will proceed irrespective of the legislative outcome.
Atkins indicated that the SEC is committed to providing clearer rules for the digital asset sector. However, industry executives expressed concerns that relying solely on agency guidance, rather than a comprehensive legislative framework, could lead to prolonged uncertainty and potentially drive businesses offshore. NEAR's chief legal officer, Abhishek Vaidyanathan, noted that this approach might only offer a temporary solution, forcing firms into continuous legal work and case-by-case judgments.
Despite the setback, Senator Thom Tillis has initiated a move to reconsider the failed cloture vote on the CLARITY Act, suggesting that the bill's prospects are not entirely closed. However, industry leaders remain divided on the likelihood of its passage before the end of the current congressional term, with some believing the next Congress will be the more probable venue for addressing crypto market structure.