House Financial Services Committee Chair Representative French Hill criticized recent regulatory actions on crypto, saying they fall short of the clarity provided by proposed legislation. In a Fox Business interview, Hill stated that while the SEC and CFTC have taken steps to address digital asset regulations, these actions lack the long-term stability of a congressional bill like the CLARITY Act, which failed to pass the Senate last month.
Hill expressed hope that the CLARITY Act could still be passed during the upcoming lame duck session of Congress, emphasizing the need for permanent legal changes to solidify America's leadership in digital assets and blockchain technology. The lame duck session, set to begin after the November midterm elections, offers a limited window for legislative action before the next group of lawmakers takes office.
The comments come as SEC Chair Paul Atkins and CFTC Chair Michael Selig announced plans to move forward with crypto regulation under the direction of President Donald Trump. However, Hill noted that both regulators currently have vacant leadership positions, with the SEC having only two active commissioners and the CFTC having only one.