Investing.com -- Securities and Exchange Commission Chairman Paul Atkins said the agency will move forward with regulatory action following the Senate's failure to pass the CLARITY Act.

In a post on X on Wednesday, Atkins thanked those who worked on the legislation, including members of the administration, Congress, investors, and innovators. He said their shared belief that America must continue to lead remains essential.

Atkins stated he has been clear that the SEC will act decisively within its existing legal authority to provide certainty for American investors and entrepreneurs in the technology sector, regardless of whether new legislation passes.

The CLARITY Act was designed to establish a regulatory framework for digital assets but did not advance in the Senate.