SEC chair expects Clarity Act passage this month

SEC Chair Paul Atkins expects the Clarity Act to pass the Senate this month. Atkins said the Senate will vote on the bill on the 15th of September. Atkins said he hoped the bill would pass and reach the President's desk for a signature. The bill would create a framework for classifying digital assets as securities, commodities or stablecoins. Atkins said the United States would be on track to become the crypto capital of the world. Atkins said the SEC is advancing rules for the crypto industry. The SEC and Commodity Futures Trading Commission have said they will continue shaping crypto policy. The SEC sent a proposal to the White House last week on crypto asset custody for investment advisers and companies. The House of Representatives passed the Clarity Act last year. The bill has remained in deadlock for most of this year after the banking lobby clashed with lawmakers and crypto businesses over whether platforms such as Coinbase should be able to pay customers yield. Some lawmakers sought changes to the bill's ethics language. A new bill began circulating in July. The draft would ban government officials from promoting or making money from crypto. Some Democratic lawmakers said the bill still fell short. Some pro-crypto Republicans accused Democrats of deliberately playing politics and delaying the bill.