What Can the SEC Actually Do If the CLARITY Act Fails?
- The chances of the US Senate passing the CLARITY Act have dropped to below 30%.
- Paul Atkins says the SEC is ready to provide an alternative if the CLARITY Act fails.
- Existing laws do not permit the SEC to create a full cryptocurrency regulatory framework.
The chances of passing the CLARITY Act get slimmer with each passing day, leaving crypto users, particularly industry stakeholders, concerned over what could become of the regulatory ecosystem. A tightening US legislative calendar and political gridlock ahead of the August recess have reduced the probability of passing the Act to around 27%.
Many crypto community participants have begun considering what the future may hold if the CLARITY Act fails to meet its deadline, or if US lawmakers do not pass the bill into law. Any of these scenarios would redirect the industry back to the SEC’s regulatory supervision reg…
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