The head of the U.S. Securities and Exchange Commission (SEC) said this week could be a turning point for cryptocurrency regulation, as Congress moves closer to passing the long-awaited Digital Asset Market Structure CLARITY Act.
Paul Atkins said lawmakers are on the verge of modernizing U.S. financial markets and bringing clarity to how cryptocurrencies are regulated. He said he strongly supports legislation that clearly divides oversight between the U.S. SEC and the Commodity Futures Trading Commission (CFTC).
“This is a big week for crypto,” Atkins said, adding that clear rules would help reduce uncertainty that has weighed on the industry for years.
In an interview, Paul Atkins, when asked about reports that Venezuela may hold a large Bitcoin reserve, declined to comment on what might happen to those assets. He said those issues fall outside his role and are being handled by other parts of the government.
Instead, Atkins said his attention is firmly on Congress, where the Senate is preparing to debate a bipartisan crypto market structure bill. He said the legislation would help define which digital assets fall under the SEC and which are overseen by the CFTC.
Atkins also pointed to recent progress on stablecoin regulation. He said the passage of the GENIUS Act last year marked the first time the U.S. formally recognized crypto assets in federal law, bringing much-needed clarity to stablecoins.
He said the next step is market structure reform, which would provide consistent rules for trading, custody, and oversight of cryptocurrencies.
“With clear legislation and clear rules, you get certainty in the marketplace,” Atkins said, adding that the SEC is positive about the impact such laws could have on investors and innovation.
Atkins said the SEC is working closely with the CFTC to avoid overlap and confusion between regulators. He said better coordination would end long-standing uncertainty over which agency has authority over different crypto products.
He also said ethical questions around public officials profiting from crypto ventures should be addressed by Congress, while regulators will focus on enforcing any rules that are passed.
(adsbygoogle = window.adsbygoogle || []).push({});Atkins said he hopes the legislation will move quickly through Congress and reach the president’s desk this year. If passed, he said, it could help position the United States as a global leader in crypto markets.
“This will set the tone for the rest of the year,” Atkins said, calling the bill a major step toward stability and growth in the crypto industry.
