SEC Chair Paul Atkins said the agency’s crypto rulemaking agenda will continue regardless of the outcome of the Senate’s planned vote on the CLARITY Act, while supporting the bill’s cloture vote scheduled for Tuesday.

Atkins spoke on September 14 at the Solana Policy Institute summit, where his keynote address covered both the legislation and the Securities and Exchange Commission’s Project Crypto initiative. His comments outlined two parallel paths for U.S. crypto regulation: congressional action through the CLARITY Act and rulemaking led by the SEC.

Three Project Crypto Rulemaking Tracks

Atkins identified three rulemaking efforts under Project Crypto that will proceed regardless of the Senate result.

The first, called Regulation Crypto Assets, would represent one of the largest updates to federal securities law in years, according to Atkins. If adopted, the framework could allow token creators to raise money in the United States under clearer rules.

The second effort involves transfer agents. Atkins said the relevant rules have not been updated in about 40 years. The changes would affect tokenized securities and on-chain funds, a field in which ARK, BlackRock, and Fidelity are already competing.

The third track concerns custody. Atkins said he had asked SEC staff to prepare a proposal that would allow investment advisers to hold their own crypto when no qualified outside custodian is available. He also indicated that state trust companies could be permitted to act as custodians. Such changes could address a barrier that has kept some advisers and fund managers from holding digital assets.

CLARITY Act Vote Requires 60 Senators

The Senate cloture vote requires 60 votes to advance. Republicans hold 53 Senate seats, meaning at least seven Democrats would need to support the motion. Approval of cloture would open debate but would not mean the bill had become law.

Senator Cynthia Lummis has described the vote as a “now-or-never moment.” She said Democrats had already secured more than 100 changes to the bill, including self-custody protections and the creation of a new office for retail investors. Her comments followed President Trump’s agreement to ethics provisions covering elected officials and their spouses.

Senate Democrats are nevertheless working on a separate counterproposal. Banking groups and attorneys general from New York have also filed formal opposition to the bill.

Atkins’ position echoes comments made by Coinbase CEO Brian Armstrong several days earlier. Armstrong said regulatory clarity for crypto would advance whether or not the CLARITY Act passed the Senate. Grayscale has made a similar statement.

The remarks from Atkins, Armstrong, and Grayscale indicate that U.S. crypto rules are being shaped by both agency action and Congress. Project Crypto’s rulemaking schedule will not stop for the Senate vote, Atkins said. The legislative and regulatory processes are therefore proceeding alongside each other and are expected to continue through the rest of the year. Developments to watch include the Senate’s cloture vote and any subsequent debate, as well as the SEC’s work on formal proposals under the three tracks.

Source: Blockonomi