During a Senate Banking Committee hearing, SEC Chairman Paul Atkins stressed permanent legislation is needed for lasting crypto rules, as bipartisan talks over the Digital Asset Market Clarity Act face delays.
U.S. Senator Mark Warner reaffirmed his commitment to advancing the Digital Asset Market Clarity Act, a bipartisan bill aiming to establish a legal framework for cryptocurrency markets. At a Senate Banking Committee hearing, SEC Chairman Paul Atkins warned that without statutory backing, interim rules could be reversed by future commissions. The bill, which addresses stablecoin rewards, DeFi oversight, and illicit finance concerns, has stalled due to unresolved issues between industry leaders and lawmakers. While a version has passed the House and Senate Agriculture Committee, final Senate approval requires securing at least seven Democratic votes. Industry players like Coinbase CEO Brian Armstrong have threatened to withdraw support if provisions are unsatisfactory, and Treasury Secretary Scott Bessent criticized crypto opponents resistant to regulation. The White House has urged negotiators to reach consensus before the month ends.