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The SEC has not created its own crypto rules yet. Chairman Paul Atkins has voiced optimism that Congress can approve the Clarity Act. The agency previously stated that memecoins generally fall outside its sphere of influence, citing their "limited or no use or functionality."
The Clarity Act's delay is due to unresolved issues, primarily the ethics provision concerning President Trump's crypto profits. Democrats are pushing for a stronger ethics clause, and the White House has not responded to the latest bipartisan counter-proposal.
If the Clarity Act fails, the SEC is prepared to introduce its own rules. This could trigger market volatility. I'm watching for the White House's response and any further movement on the Clarity Act in September. The market needs clarity, not more political maneuvering. 📉
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