SEC Chair: US Needs Clear Crypto Rules

SEC Chairman Paul Atkins has thrown his weight behind the White House’s call to pass the CLARITY Act. 

As of now, this effort remains entangled in a fierce lobbying battle between the traditional banking sector and the cryptocurrency industry.

Chairman Atkins echoed the White House’s frustrations over legislative delays. 

He has noted that the U.S. needs “clear rules” for digital asset markets. 

“The CLARITY Act helps ensure entrepreneurs build the next gen of financial tech here at home,” Atkins noted.  

The SEC boss has added that he is looking forward to working with the United States Commodity Futures Trading Commission on the landmark crypto legislation in the near future. 

Atkins, who has replaced anti-crypto SEC Chair Gary Gensler, has been a strong supporter of the embattled industry. 

French Hill weighs in 

During a Thursday interview on Fox Business with Maria Bartiromo, Representative French Hill (R-AR) addressed the ongoing impasse. Hill, a key architect of both crypto bills, reminded viewers of the strong bipartisan consensus that already exists in the House.

“We got 78 Democrats to join the Republicans, and we passed the CLARITY Act and the GENIUS Act with substantial margins, bipartisan,” Hill noted.

Hill explained that the issue of third-party platform rewards can be resolved outside of holding up the broader market structure bill.

He added that nonbank issuers and exchanges simply “want to have a similar ability to package products not unlike the banks. I think we can find a solution here.”

As reported by U.Today, Ripple CEO Brad Garlinghouse previously stated that the bill had a roughly 80% of passing by the end of April.