[U.S. SEC Chair Says U.S. Cryptocurrency Regulation Urgently Needs Legislation] On February 11, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins stated during testimony before the House Financial Services Committee that the U.S. cryptocurrency market urgently needs a federal regulatory framework and expressed support for Congress passing the 'CLARITY Act.' Before legislation is finalized, the SEC and the Commodity Futures Trading Commission (CFTC) will establish a transitional mechanism through Project Crypto, considering the development of token classification standards and on-chain transaction exemption measures. Atkins noted that over the past year, under the leadership of Commissioner Hester Peirce, the SEC has provided more regulatory clarity than in the past decade, but bipartisan market structure legislation is essential for future protection.