Summary
- The US Securities and Exchange Commission (SEC) said it is prepared to create its own digital-asset regulatory framework if Congress fails to pass the CLARITY Act.
- The SEC said it could move to draft rules to govern the digital-asset market if the US Congress does not act on the CLARITY Act.
- The CLARITY Act would define the jurisdiction of the SEC and the Commodity Futures Trading Commission (CFTC) over digital assets and establish a broader regulatory framework for the US digital-asset market.
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The US Securities and Exchange Commission said it is prepared to draw up its own regulatory framework for digital assets if Congress fails to pass the CLARITY Act, a market-structure bill for the crypto industry.
Watcher.Guru reported on July 28 that the SEC could move to write rules governing the digital-asset market if Congress does not act on the CLARITY Act.
The bill is currently being discussed in the US Senate, but a final agreement has not been reached because of disagreements over issues including ethics provisions that would restrict senior government officials' involvement in crypto businesses.
The CLARITY Act is aimed at establishing a broader regulatory framework for the US digital-asset market, including the division of jurisdiction over digital assets between the SEC and the Commodity Futures Trading Commission.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.