SEC Chair Paul Atkins stated that regulatory efforts for digital assets will proceed independently of the outcome of the upcoming Senate vote on the CLARITY Act. Speaking at the Solana Policy Institute summit on September 14, Atkins outlined the agency’s ongoing work and the significance of current legislative efforts for cryptocurrency regulation.
SEC’s Project Crypto Sets Rulemaking Priorities
Atkins, who leads the US Securities and Exchange Commission, described the agency’s three main rulemaking focuses, which operate under the Project Crypto initiative. He clarified that this work will continue regardless of the Senate’s decision on the CLARITY Act.
The first initiative, Regulation Crypto Assets, is described as a major overhaul of federal securities laws that could provide clear pathways for token creators to raise capital within the United States. Atkins stated that this would be one of the most significant changes to securities policy in recent years.
The second rulemaking effort revolves around transfer-agent rules, which have not been updated in four decades. Atkins noted that modernizing these rules is important for tokenized securities and on-chain investment funds, a field where institutional players such as ARK, BlackRock, and Fidelity are already active.
The third track is a proposed option to allow investment advisers to self-custody crypto assets when no qualified third-party custodian is available. This measure, drafted by SEC staff, may also permit state trust companies to act as custodians, potentially removing a key barrier for advisers and fund managers considering digital assets.
Mini dictionary: Transfer agent, an entity that manages and tracks changes in ownership of registered financial securities, such as stocks and bonds, and ensures records are accurately maintained, which is especially important for both traditional and tokenized assets.
Atkins emphasized that Project Crypto will maintain its pace, stating that “the regulatory process continues even if the Senate’s position changes, so investors and market participants must watch both legislative and regulatory developments.”
Senate CLARITY Act Faces Political Roadblocks
The cloture vote for the CLARITY Act, set for Tuesday, requires at least 60 supporting senators to proceed—meaning seven Democrats would need to join all 53 Republicans for it to advance. However, a successful cloture vote would only allow further debate, not guarantee passage into law.
Senator Cynthia Lummis, who has championed the bill, called this moment urgent and stated that Democrats previously secured over 100 changes, including self-custody protections for digital assets and a new office dedicated to retail investor protection. These amendments followed President Trump’s approval of a provision ensuring ethics standards for elected officials and their spouses.
Despite the changes, some Senate Democrats are preparing a separate counterproposal. Formal opposition to the current bill has also been submitted by several US banking associations and the New York Attorney General’s office.
| Senate Support Needed | Republican Seats | Democratic Votes Needed |
|---|---|---|
| 60 votes | 53 | 7 |
Multiple leaders, including Coinbase CEO Brian Armstrong and Grayscale, have echoed Atkins’ view that regulatory progress for crypto will continue irrespective of legislative delays, with Armstrong recently stating that “clarity for crypto is inevitable, regardless of the Senate process.”
Regulatory and Legislative Paths Move in Parallel
Atkins’ comments signal that the regulatory calendar set by the SEC will continue regardless of developments in Congress. Project Crypto’s rulemaking agenda is expected to progress alongside legislative negotiations through the remainder of the year, reflecting the agency’s determination to provide regulatory certainty for digital asset markets in the United States.
Three influential voices—Atkins at the SEC, Armstrong at Coinbase, and asset manager Grayscale—are now united in stating that comprehensive rules for the crypto sector in the US will be shaped by both agency action and the legislative process. This approach is expected to give investors and industry participants two avenues to monitor as the policy landscape for digital assets evolves.
