According to CoinMeta, as reported by Decrypt, Paul Atkins, the chairman of SEC, stated that if Congress fails to pass the Clearing House Act, SEC is prepared to introduce its own regulations for the cryptocurrency market. The Clearing House Act was passed by the House of Representatives in July last year with a vote of 294-134 and by the Senate Banking Committee in May this year with a vote of 15-9, but it has not yet undergone the full Senate vote required for a 60-vote majority. Senate Majority Leader Schumer hinted that the bill may not be able to be voted on before the August recess. If passed, the act would transfer most of the regulatory authority over spot token markets to CFTC. SEC has included Project Crypto regulatory proposals in its 2026 agenda.