Key Democratic Senator Urges Advancement of Crypto Bill, SEC Chair Warns Legislative Gap Risks Policy Reversal

According to CoinDesk, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), stated during a Senate Banking Committee hearing that while his agency has the authority to provide regulatory clarity for the crypto industry through rulemaking, such rules lack "future adaptability" and are susceptible to being overturned by subsequent administrations. Therefore, "a solid foundation in law is needed to prevent future setbacks." Atkins noted that the SEC currently possesses "considerably broad authority" to advance rulemaking through its "Project Crypto" agenda, but he emphasized the "need for Congress to enact good legislation" to underpin these rules. Despite intermittent progress on the U.S. Senate's bill to regulate the cryptocurrency market structure, Senator Mark Warner, one of the key Democratic negotiators, expressed during the hearing that he still hopes this effort can move forward.