Peirce: If the Clarity Act fails, there's one crypto-market gap the SEC can't close on its own
AI Market Summary
Outgoing SEC Commissioner Hester Peirce highlighted that without the Clarity Act, the SEC cannot resolve a core jurisdictional gap: platforms listing both securities and non-securities tokens leave unclear SEC authority over trading in the latter. While the agency can still advance rules on fundraising, custody, and tokenized securities, the market-impacting issue hinges on Congress. Near-term, this elevates regulatory uncertainty around US spot-market structure pending Senate action.
Impact level
● Medium
Affected assets
BTC/USDT-0.01%
AI Insight · BTC/USDTAI Insight
● Neutral
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Departing SEC Commissioner Hester Peirce (@HesterPeirce) said she's still optimistic Congress will complete the Clarity Act, telling CoinDesk's Policy Protocol that the legislation would draw clear boundaries over who regulates the crypto spot market. Peirce said that even without the bill, the SEC can still take meaningful steps through rulemaking, including frameworks for crypto fundraising, custody standards and rules for tokenized securities.
She flagged one issue that would remain out of reach without congressional action: many trading platforms list tokens that qualify as securities alongside tokens that do not. Peirce said the SEC's authority over trading in that second category is unclear, a gap she argued cannot be resolved through agency rules alone. With Senate votes expected before Friday's recess, her warning underscored the urgency of the legislative timeline.
