SEC Chair Paul Atkins backed Tuesday’s CLARITY Act cloture vote while saying the Securities and Exchange Commission’s Project Crypto rulemaking will continue regardless of the Senate’s decision. The cloture motion requires 60 votes, meaning at least seven Democrats must support it because Republicans hold 53 Senate seats; approval would open debate rather than enact the bill. Atkins outlined three Project Crypto tracks: Regulation Crypto Assets, an update to transfer-agent rules that have not changed in about 40 years, and a proposal allowing investment advisers to hold crypto themselves when no qualified outside custodian is available. The SEC is also considering whether state trust companies could act as custodians. The proposals could affect token fundraising, tokenized securities and on-chain funds, while addressing custody requirements that have discouraged some advisers and fund managers from entering digital assets. Senator Cynthia Lummis called the vote a now-or-never moment and said Democrats had secured more than 100 changes, including self-custody protections and a new retail-investor office. Her comments followed President Trump’s agreement to ethics provisions covering elected officials and their spouses. Senate Democrats are preparing a separate counterproposal, while banking groups and New York attorneys general have formally opposed the bill. Coinbase CEO Brian Armstrong and Grayscale have also said crypto regulation will advance whether or not the CLARITY Act passes. Atkins spoke at the Solana Policy Institute summit on September 14, framing the legislative and regulatory processes as parallel tracks expected to continue through the rest of the year.