The premier financial watchdog of Wall Street stated his anticipation that the much-anticipated Clarity Act will achieve enactment during the current month, positioning the United States to become the global center for cryptocurrency.
During an appearance on Fox Business on Tuesday, Securities and Exchange Commission Chairman Paul Atkins confirmed that the agency is moving forward with regulations to support the digital asset sector.
Lawmakers favoring digital assets originally intended to pass the Clarity Act prior to the August congressional recess, but the vote was postponed until September. This legislation will create a structured system to separate virtual currencies into categories of securities, commodities, or stablecoins.
JUST IN: 🇺🇸 SEC Chairman Paul Atkins says “The Regulation Crypto Assets proposal is our most historic step yet to cement America as the Crypto Capital of the World” 👀
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“The Clarity Act is scheduled for a Senate vote on the 15th of September,” Atkins remarked. “I expect and trust that the Senate will approve it and subsequently transmit it to the President to be signed into law.”
He further commented: “We are moving away from outdated methods in an effort to revise [regulations] and bring them up to date for the era of blockchain technology and crypto assets.”
Even though the vote on the Clarity Act faced postponement, financial watchdogs such as the SEC and the Commodity Futures Trading Commission indicated they would continue efforts to formulate cryptocurrency guidelines.
In the previous week, the SEC transmitted a recommendation to the White House designed to “define the structure for holding digital assets” on behalf of investment managers and corporate entities.
Although the House of Representatives approved the Clarity Act in the preceding year, the bill has remained stalled throughout most of the current year following disputes between banking representatives, legislators, and cryptocurrency firms regarding whether trading platforms such as Coinbase ought to be permitted to distribute yields to users.
Certain legislators attempted to modify the terminology within the legislation concerning ethical standards, leading to the distribution of a revised bill in July. This proposed text prohibits state officials from endorsing and profiting from digital currencies.
Conversely, alternative Democratic politicians argued that the measure remained inadequate, while several pro-crypto Republicans blamed Democrats for intentionally engaging in political stalling tactics to delay the legislation.
Originally published at https://bitcoinmagazine.com/news/sec-chair-predict-clarity-act-passage.
