The SEC chair is betting on CLARITY, the odds aren't as sure

Atkins Backs the Bill, But the Path Remains Long

SEC Chair Paul Atkins (@SECPaulSAtkins) has voiced firm support for the Digital Asset Market Clarity Act of 2025, telling an audience he expects Congress to deliver the legislation to the White House. "I have confidence that Congress will adopt the CLARITY Act and that the President will be able to sign it," Atkins said, arguing the statute would give the agency solid legal footing and keep crypto innovation onshore. His comments come after the Senate Banking Committee advanced the bill in mid-May, the latest procedural step in a process that has moved slowly since the House acted nearly a year ago.

The CLARITY Act passed the House in July 2025 with bipartisan support in a 294-134 vote. The Senate Banking Committee approved a 309-page draft that would formally divide oversight of digital assets between the SEC and the CFTC. For Atkins, that statutory split is the point. Without an act of Congress, the SEC cannot create lasting certainty. "Nothing futureproofs things like a statute," Atkins has said.

What the Bill Does, and What Still Stands in the Way

The CLARITY Act is designed to define digital assets, split oversight between the SEC and the CFTC, and create registration rules for crypto exchanges, brokers, and dealers. It would grant the CFTC exclusive jurisdiction over digital commodity spot markets, while maintaining SEC jurisdiction over investment contract assets. Assets such as Bitcoin could fall under CFTC supervision once the relevant blockchain meets the bill's maturity criteria.

The road ahead is not straightforward. The bill must clear a 60-vote hurdle in the full Senate before lawmakers can reconcile it with the version the House passed in 2025. If the Senate approves its own text, negotiators from both chambers will need to iron out differences around stablecoins, DeFi, and ethics rules into a single compromise bill that both chambers can vote on again. Even if ultimately signed into law, the framework would still require extensive SEC-CFTC rulemaking before becoming fully operational.

Critics have also raised capacity concerns. Brookings fellow Tonantzin Carmona has warned that the act could create a large regulatory system without giving the CFTC enough resources to run it, given that the agency would become the chief regulator for spot trading in most digital commodities. Prediction markets, meanwhile, put passage odds near 55%, a reminder that Atkins' confidence is not universally shared.

Sources
Finance Magnates: CLARITY Act Draft Gets Green Light in Senate
Crypto.news: Clarity Bill Advances as Critics Warn CFTC Is Not Ready
Congress.gov: Digital Asset Market Clarity Act of 2025, H.R. 3633