By Securities and Exchange Commission Chair Paul Atkins has said the U.S. government will continue delivering regulatory clarity for crypto “with or without” new legislation, signalling that the agency intends to use its existing authority even after Congress failed to advance the CLARITY Act. Atkins made the remarks on September 14 at the Solana Policy Institute Summit in Washington, one day before the Senate’s procedural vote on the market-structure bill.
“With or without that legislation, this Administration will deliver for American investors and technological innovators,” Atkins said, while still urging Congress to send the CLARITY Act to President Donald Trump’s desk. The statement has gained greater significance after the Senate failed to advance the legislation on September 15. The measure did not reach the 60-vote threshold required to proceed, leaving regulators including the SEC and Commodity Futures Trading Commission to continue developing crypto rules under existing statutes.
SEC Already Building Crypto Rules Without Congress
Atkins’ comments do not mean the SEC is starting from scratch. In March, the SEC issued a major interpretation clarifying how federal securities laws apply to different categories of crypto assets. The framework addressed digital commodities, collectibles, utility-style assets, stablecoins and digital securities, while also explaining when a crypto asset may be tied to an investment contract and when that relationship can end. The agency followed that in August with its proposed “Regulation Crypto Assets,” which would create tailored exemptions for certain token offerings and establish a conditional safe harbour from the definition of an investment contract.
The proposal includes one exemption for offerings of up to $5 million over four years and another permitting up to $75 million of fundraising during a 12-month period, subject to disclosure requirements. Atkins has also said the SEC is working on rules for tokenised securities, crypto custody and onchain trading systems as part of its broader Project Crypto initiative. The CFTC is pursuing a parallel strategy. Chair Michael Selig has previously directed staff to prepare potential regulatory pathways for digital asset markets if Congress does not enact comprehensive market-structure legislation.
Legislation Still Matters for Long-Term Certainty
Despite his willingness to move ahead without Congress, Atkins has repeatedly drawn a distinction between regulatory clarity and regulatory permanence. In August, he said legislation remained “indispensable” because statutory rules would be harder for a future administration to reverse. Agency interpretations, exemptions and rulemakings can provide clearer operating conditions, but they can also be amended, rescinded or challenged later.
The CLARITY Act was intended to address that problem by creating a statutory division of responsibility between the SEC and CFTC and establishing a broader framework for issuing and trading digital assets. Its failure to advance leaves that framework unresolved. The Senate vote ended 49-50, with the bill falling short of the required 60 votes amid disputes over ethics provisions, stablecoin-related banking concerns and the treatment of President Trump’s crypto interests. For the crypto industry, Atkins’ remarks therefore offer some continuity but not a complete substitute for legislation.
The SEC can continue clarifying how existing securities laws apply to tokens, offering exemptions and market infrastructure. What it cannot do as securely is establish a permanent, congressionally mandated division of authority across the entire U.S. digital asset market. The immediate message from Atkins is that Washington’s crypto rulemaking process will continue despite the CLARITY Act setback. The longer-term question is whether those agency-led rules can survive changes in administrations without Congress eventually turning them into law.