Paul Atkins announced that the Securities and Exchange Commission will provide the digital asset marketplace with guidance on raising capital via blockchain technology. The agency will move forward with these guidelines after the CLARITY Act failed to advance in the Senate on Sept. 15, when it fell short of the 60 votes required for cloture. Atkins said the SEC aims to shift activities on-chain to provide legal certainty in the absence of a legislative framework.

Former CFTC Chair Chris Giancarlo described the bill as dead in the current Congress, shifting the authority to create rules to Atkins and CFTC Chair Michael Selig. Senator Cynthia Lummis and White House advisers attributed the failure to Democratic opposition to President Trump. Meanwhile, Coinbase CEO Brian Armstrong rejected claims that his negotiating tactics hindered the bill, alleging instead that bank industry lobbyists actively worked to kill the legislation.