U.S. House Financial Services Committee Chairman French Hill said regulatory agencies do not offer the same long-term stability for digital asset oversight as legislation passed by Congress. He said he wants lawmakers to approve the CLARITY Act during the lame-duck session before the next Congress takes office in 2027. Hill made the comments after the U.S. Senate failed to pass the bill last month, arguing that subsequent rulemaking efforts by the Securities and Exchange Commission and the Commodity Futures Trading Commission still fall short of a statutory framework. The SEC and CFTC had already put forward related rulemaking proposals. SEC Chair Paul Atkins and CFTC Chair Michael Selig have both said they will move ahead with crypto regulation under directions from President Donald Trump. As of Wednesday, the two agencies had seven leadership vacancies combined. Hester Peirce announced last week that she would step down as an SEC commissioner, while the CFTC is currently left with Selig serving as both chair and commissioner.
U.S. House Financial Services Committee Chairman French Hill said actions by regulators to advance digital asset oversight lack the long-term stability that comes with legislation passed by Congress.
Hill said he wants Congress to pass the CLARITY Act during the lame-duck session before the next Congress takes office in 2027.
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission had previously released related rulemaking proposals. Hill said that after the U.S. Senate failed to pass the CLARITY Act last month, the regulatory steps taken by the two agencies still do not serve as a substitute for legislation.
SEC Chair Paul Atkins and CFTC Chair Michael Selig have said they will advance cryptocurrency regulation under instructions from U.S. President Donald Trump.
As of Wednesday, the two agencies had seven leadership vacancies in total. Hester Peirce said last week that she would resign as an SEC commissioner. At the CFTC, Selig is currently the only official serving as both chair and commissioner.
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