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XRP The U.S. Securities and Exchange Commission prepares to adjust regulatory direction
The U.S. Securities and Exchange Commission (SEC) has signaled that its attitude towards the cryptocurrency industry will undergo a major shift. SEC Chairman Paul Atkins recently said that if Congress fails to advance the CLARITY Act, a pending bill designed to provide a legal framework for the industry, the regulator is prepared to draft and implement regulations for digital assets.
CryptoTice, a cryptocurrency commentator, shared an interview in which Atkins made unusually blunt remarks about the SEC's regulatory stance. Although Atkins was optimistic that Congress would move forward with the CLARITY Act, he emphasized that the agency was ready to step in if the legislative process stalled.
Atkins said the SEC is "ready, willing and capable of making rules" and noted that the committee will either enforce upcoming laws or develop its own guidelines without Congress taking action. He emphasized that while he wants Congress to take action, the SEC will not wait indefinitely to create clarity for the cryptocurrency industry.
The move marks a significant shift for the SEC, which has been conducting high-profile enforcement against cryptocurrency companies for years, including a long-running legal dispute with Ripple. Today, the agency has shown a willingness to participate in shaping digital asset regulation-possibly taking action on its own if necessary.
Congressional deadlock delays progress
Atkins reiterated his preference for congressional dominance, saying that "ultimately, making regulations is the way to make something future adaptable." The SEC is currently assisting lawmakers with technical advice on legislative language, but Atkins made clear the agency is prepared to take action if Congress fails to meet its goals.
The CLARITY Act has passed the Senate Banking Committee and is still eligible for a vote. However, Senate procedural rules and competing legislative priorities delayed its consideration. Majority Leader John Thun moved other issues to the top of the agenda, and legislative voting time seemed particularly tight ahead of the August recess.
Despite these obstacles, White House cryptocurrency adviser Patrick Vitter said the first week of August could still be a voting window. So far, the bill has the support of 51 senators, but it still takes about 9 Democratic votes to reach the 60-vote threshold required for passage.
Outstanding issues remain and are becoming increasingly urgent
The debate on the CLARITY Act has focused on issues such as ethical standards and the responsibilities of DeFi developers, most of which have been resolved in a draft released at the end of July. However, some Senate Democrats have yet to make a decision.
Atkins emphasized why congressional action is preferable, explaining that written law is durable. He pointed out that agency rules could be overturned by future governments, and laws passed by Congress could provide long-term direction. This distinction is considered critical for industries that are coping with a changing regulatory environment.
He pointed out: "We need the certainty brought by the law, which will help ensure future adaptability and give us a clear direction on the way forward." He sees congressional involvement as a way to achieve long-term clarity.
Although Senate procedural delays persist, the SEC's readiness to step in marks a turning point. The agency's transformation from opponent to potential rule-maker reflects growing pressure to provide regulatory certainty-whether through the legislative process or the agency acting independently.
This is attracting attention as market participants pay attention to both congressional negotiations and regulatory developments, and the increasing emphasis on seamless access to traditional financial instruments.
