SEC Chair Paul Atkins says he is confident Congress will pass crypto market structure legislation and President Trump will sign it into law. In an interview with Fox Business, Atkins said he has full confidence Congress will adopt the Clarity Act and that Trump will sign it.
“I have confidence that Congress will adopt the Clarity Act, and that the president will be able to sign it, and that’ll give us a statutory basis upon which we can operate and allow the marketplace to innovate and do that here,” he told Fox News Friday. He also added the SEC’s new release “gives clarity to the marketplace as to what’s a security… and then what is a digital commodity.”
Treasury Secretary Scott Bessent has also urged lawmakers to advance the comprehensive market‑structure safeguards to Trump’s desk for approval. The act will provide regulatory clarity to prevent companies from facing contradictory or ambiguous rules from the SEC and CFTC. Additionally, the act also aims to maintain US leadership in digital finance by creating a framework that encourages domestic blockchain development. President Trump has also made the cryptocurrency industry a priority, making promises to make the US a global cryptocurrency hub. The act is a substantial point in that goal, and it has already passed the Senate Banking Committee. However, it may still face challenges in the steps ahead without bipartisan support.
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The cryptocurrency market is already facing a correction after higher-than-expected inflation data. Rising oil prices and high bond yields have further diminished the hopes for an interest rate cut. While many expected new Federal Reserve Chair Kevin Warsh to cut rates upon assuming office, it is likely that rates will remain unchanged or even rise, given the current situation. Hence, if the CLARITY Act fails, it could lead to a further dip in investor confidence