SEC Chief Demands Congress Pass Crypto Bill or Risk Losing US Market Lead

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SEC Chair Presses Congress On Crypto Market Structure, Wants Bill To Reach President’s Desk

SEC Chair Paul Atkins urged Congress on Thursday to pass the CLARITY Act, a bill designed to establish clear rules for the crypto market in the U.S. He used social media to make his appeal.

In a recent post on X (formerly Twitter), Patrick McHenry echoed comments made by Treasury Secretary Janet Yellen, arguing the proposed legislation is needed to move away from unclear enforcement practices and establish clear, written rules for how federal agencies oversee digital assets.

Atkins Urges Congress To Pass CLARITY Act

According to Atkins, the Crypto project is structured to allow the SEC and CFTC to quickly put the CLARITY Act into effect once Congress approves it. She urged Congress to pass comprehensive legislation that protects the market from overreach by regulators and sends a bill to President Trump for his signature.

He made these comments shortly after Bessent wrote an opinion piece for the Wall Street Journal, cautioning that the U.S. could fall behind in financial innovation if the bill isn’t approved by legislators.

Bessent called for long-lasting laws to encourage entrepreneurs and developers to bring digital asset businesses back to the United States. He believes clear legal rules are essential and have always been a key reason why the US is a global financial leader.

Atkins is referencing Project Crypto, a joint initiative by the SEC and CFTC. This project aims to create a consistent way to categorize crypto tokens and simplify how digital asset trading, storage, and finalization are handled under federal law.

The effort reached a key point in March with a shared statement explaining how existing rules for stocks and bonds apply to some cryptocurrencies and related deals. Many saw this as the first significant progress toward the clear legal guidelines the crypto industry has been hoping for over the past several years.

However, efforts to pass the CLARITY Act are happening while talks have stalled and banks and crypto companies are fiercely debating a part of the GENIUS Act – the existing law about stablecoins.

Banks Vs. Crypto

The previous law stopped companies that issue stablecoins from giving customers rewards, like interest, just for keeping those tokens.

Banks are concerned a current rule creates a vulnerability where outside companies could incentivize stablecoin users, and they want a new bill to fix it. However, the cryptocurrency industry argues that offering these incentives is essential for stablecoins to be successful as a way to make payments.

Even after several meetings at the White House to try and reach an agreement, no compromise has been made public. While Senators Angela Alsobrooks and Thom Tillis seemed to agree on a plan last month, it’s still uncertain if it will satisfy both banks and cryptocurrency companies.


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2026-04-10 09:57