SEC Chair Paul Atkins said the agency will continue developing rules for onchain fundraising and tokenized securities after the Senate failed to advance the CLARITY Act. The Senate rejected cloture on the motion to proceed to H.R. 3633 in a 49-50 vote on Sept. 15, short of the 60 votes required. Atkins said the SEC would act under its existing authority, although agency rules can be revised by a later commission and he has previously called legislation indispensable for lasting clarity. Atkins described two SEC workstreams. The first is a joint interpretive release with the Commodity Futures Trading Commission distinguishing tokenized securities from other tokenized assets, a classification that determines which regulator has authority. The second is the Innovation Exemption, which he characterized as a controlled sandbox for issuing tokenized securities that preserve the underlying security's rights and privileges. That approach would differ from offshore products that track prices synthetically without direct ownership rights, such as dividends and voting. The SEC has recently taken additional steps affecting tokenized markets, including clearing a path for tokenized stocks on Sept. 17 and publishing nine FAQs on Sept. 25 about how an issuer's representations can affect securities treatment. Atkins's comments also addressed concerns raised by AMC Chief Executive Adam Aron over tokenized shares that might lack governance rights and complicate insider-trading oversight. The interview also covered stablecoins, IPO disclosures and private credit valuations. Atkins said stablecoin oversight falls outside the SEC's remit and pointed to the GENIUS Act's anti-money-laundering and sanctions provisions. A Senate Permanent Subcommittee on Investigations minority staff report said 84% of wallets sanctioned or targeted for seizure over Iran links transacted exclusively or nearly exclusively in USDT. Atkins said 583 companies had gone public in the year and a half since he became chairman, raising about $208 billion, and said the SEC's private-credit notice emphasized compliance with valuation standards.