SEC Chair Ready to Provide Crypto Rules if CLARITY Act Fails
As it grows more certain that the comprehensive bill regulating the crypto sector (Clarity Act) will not pass before Congress adjourns on August 7th, SEC Chair Atkins has said the Commission will do through rulemaking what Congress fails to do through regulation. Chair Atkins said that the SEC has a package of proposals that would address many aspects of the Clarity Act relating to securities, including token registration exemptions, broker-deal custody rules, and trading venues.
Why It Matters:
Atkins described SEC Crypto rulemaking as a bridge to the Clarity Act and expressed optimism that the Act will ultimately pass the Senate.
AI Act Transparency Obligations; Guidelines and Code of Practice on Transparency
Link: https://www.stephensonharwood.com/insights/neural-network-july-2026/
The Article 50 transparency obligations under the EU AI Act go into force August 2nd. The European Commission issued its final Guidelines for complying with Article 50 on July 20th and published its voluntary Code of Practice on June 10th. Although there are exemptions and reduced requirements for some firms, the requirements apply to all providers and deployers who create and use AI-generated content, including firms that are based outside the EU who market and do business within the EU.
“The key changes under the AI Omnibus are the postponement of certain compliance deadlines, giving businesses more time to prepare for regulatory changes under the EU AI Act. High-risk AI systems, which were originally subject to a compliance deadline of August 2026, now face extended deadlines: Annex III systems must comply by 2 December 2027, while Annex I systems have until 2 August 2028. High-risk systems already on the market can remain available without new certification, provided no significant design changes occur.”
Why It Matters:
While some obligations under the EU AI Act have been postponed to 2027 and 2028, much remains in force and applicable to US firms who do business in the EU and with EU companies.
