According to CoinMeta, Chairman Paul Atkins stated that if Congress fails to pass the CLARITY legislation, SEC will be prepared to establish its own crypto regulations. The bill received 294 votes in the House of Representatives but has faced delays in the Senate and may not pass before the August recess. Atkins pointed out that SEC can proceed with rule-making under the existing authority, emphasizing the need for legal clarity to ensure a clear direction for the future. This move signifies that SEC will shift from a past law-enforcement-driven approach to issuing formal regulations covering key areas of the crypto market.