SEC Chair Atkins Plans Onchain Financing Rules Within Existing Authority
The move follows the Senate’s failure to advance the CLARITY Act and comes as the SEC expands guidance for tokenized securities.
SEC Chair Paul Atkins said the Securities and Exchange Commission will clarify rules for blockchain-based financing within its existing legal authority, keeping a regulatory path open after Congress failed to advance the CLARITY Act.
The Senate voted 49-50 on Sept. 15, falling short of the 60 votes needed to move the legislation forward. Atkins has not specified whether the SEC’s approach will use exemptions, registration pathways or staff guidance.
The commission has continued work on tokenized markets despite the legislative setback. On Sept. 17, it took steps to enable tokenized stocks, followed by nine questions and answers on Sept. 25 addressing how issuer commitments affect whether a token is treated as a security.
The SEC’s plans come as its leadership is set to change. Commissioner Hester Peirce is scheduled to leave Oct. 2, after which Atkins and Mark Uyeda would be the agency’s only sitting commissioners.
