Representative French Hill, chair of the House Financial Services Committee, said Wednesday that while U.S. financial regulators are advancing crypto oversight, their actions do not provide the long-term stability that legislation would offer.
In a Fox Business interview, the Arkansas lawmaker acknowledged that the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have proposed rulemaking to address digital asset regulation following the Senate's failure to pass the Digital Asset Market Clarity (CLARITY) Act last month. However, Hill said these regulatory steps "[fall] short" of legislative solutions.
"I still have hope [...] that we can get [CLARITY] passed in the lame duck session of Congress," Hill said. "We need that permanent law change to make sure America is number one in digital assets and blockchain technology."
Hill's remarks followed announcements by SEC Chair Paul Atkins and CFTC Chair Michael Selig that they plan to move forward with crypto regulation under the direction of President Donald Trump.
The lame duck session between the November midterm elections and when new lawmakers enter Congress in 2027 will provide limited time for votes. Hill noted the Senate would have only 22 days in session during that period, during which election results could influence lawmakers' positions on CLARITY.
Regulatory Vacancies
As of Wednesday, the SEC and CFTC face a combined seven empty vacancies at the leadership level. SEC Commissioner Hester Peirce announced her resignation last week, leaving only Chair Atkins and Commissioner Mark Uyeda at the SEC. Selig serves as chair and sole commissioner at the CFTC.
