SEC, CFTC rush crypto rules after Clarity Act fails — SkimNews
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- SEC launched a new tokenization initiative two days after the Clarity Act collapsed, aiming to establish a regulatory pathway for digital securities under existing authority.
- Paul Atkins, SEC Chairman, stated that only Congress can create 'future-proofed' rules, yet is pushing forward with pro-industry crypto regulations using an all-Republican commission.
- CFTC sent a crypto market proposal to White House review, with Chairman Mike Selig acting unilaterally due to a vacant commission, advancing rules for spot markets and perpetual futures.
- Digital Asset Market Clarity Act would have assigned clear regulatory roles to the SEC and CFTC, defined crypto asset categories, and offered limited legal protections to DeFi developers.
- SEC proposed a rule allowing blockchain data to serve as official ownership records and is nearing a custody rule for investment advisers holding digital assets.
- Atkins described agency rules as vulnerable to reversal by future regulators, reiterating that legislation remains 'indispensable' despite current rulemaking momentum.
Why it matters: The SEC and CFTC are filling the void left by Congress with rules that lack long-term durability, meaning today’s pro-industry shift could be undone by future leadership changes, creating ongoing uncertainty for crypto firms relying on current policy stability.
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