Securities and Exchange Commission Chairman Paul Atkins has thrown support behind the long-awaited crypto market structure bill.
Writing on X Tuesday, the chief of Wall Street’s biggest regulator said that he was “committed to supporting Congress in advancing” the bill.
A number of lawmakers are hoping the Clarity Act gets passed before Congress departs for August recess. While the bill has been drafted bipartisanly, some Democrats are unhappy with the current version.
“American leadership in the digital finance revolution means matching the energy of American innovators with a regulatory framework worthy of them,” wrote Atkins on the social media platform, adding a video from a Monday CNBC interview where he spoke about the need for such a bill.
Chosen by President Trump, Atkins was officially sworn in as the 34th Chairman of the SEC last year. He has taken a far more crypto-friendly approach to regulating the space compared to his predecessor, Gary Gensler.
The regulator is the latest big name to push for the Clarity Act to get over the line.
Major financial institutions like Fidelity and Goldman Sachs have thrown their weight behind the new bill, but a group of Democrats last week said in a statement that the bill in its current form falls short.
A number of lawmakers are hoping the bill gets passed before Congress departs for August recess.
Despite being passed in the house of representatives last year with strong bipartisan support, the Clarity Act has been in a deadlock for much of 2026, partially because big bankers raised concerns over stablecoin yield among Democrat concerns around ethics language.
Banking lobbyists have said that if crypto exchanges pay attractive yields to customers, banks could lose their deposit base.
An updated bill of the Clarity Act was introduced last week that addressed the ethics concerns, banning government officials and their families from issuing or promoting crypto.
Republicans are hoping to gain bipartisan support for the bill this week to advance the legislation. If passed, the long-awaited bill would create a regulatory framework for the cryptocurrency market.