SEC Chairman Paul Atkins said that if the Senate fails to pass the Clarity Act, the SEC is ready to issue its own crypto market rules through its Project Crypto framework. The bill has cleared the House and Senate Banking Committee, but Senate Majority Leader Schumer signaled it may not get a floor vote before the August recess.
Matters because: Ongoing market-structure uncertainty may keep institutional capital cautious, while a fallback SEC rulebook could reshape token compliance requirements.