Key Takeaways
The U.S. Securities and Exchange Commission is actively developing formal rules for onchain markets, Chair Paul Atkins confirmed Friday, signaling a major step to bring crypto trading systems under existing regulatory frameworks.
"The SEC will keep moving forward in its work to accommodate markets moving onchain," Atkins said in remarks at the Special Competitive Studies Project AI+ Expo.
Atkins detailed a three-pronged regulatory expansion, assessing when rules for “exchanges,” “broker-dealers,” and “clearing agencies” should apply to blockchain protocols and software. The agency is also examining when yield-bearing "crypto vaults" should be governed by the Securities Act and Advisers Act.
While the SEC proceeds with its own rulemaking, Atkins urged Congress to pass the Digital Asset Market Clarity Act of 2025 (CLARITY Act) for long-term certainty. The next key date is May 14, when the Senate Banking Committee will hold a markup hearing for the bill.
The move by the SEC comes as lawmakers continue to negotiate the details of the CLARITY Act, which has been in limbo since January. A compromise on stablecoin yield provisions was recently brokered by Senators Thom Tillis and Angela Alsobrooks, allowing the bill to advance to the markup stage.
However, banking industry groups, including the American Bankers Association, have voiced concerns that "additional work is needed" to protect consumers, submitting proposed edits to the text. Separately, Senator Kirsten Gillibrand has pushed for an ethics provision to be included, citing polling data that found 73% of U.S. voters believe senior government officials should not have business ties to the crypto industry they regulate. These issues may be addressed when the Senate Banking and Agriculture committees merge their respective versions of the bill.
This article is for informational purposes only and does not constitute investment advice.
