French Hill, chair of the U.S. House Financial Services Committee, said regulatory action on digital assets lacks the long-term stability that only congressional legislation can provide. He said he wants Congress to pass the CLARITY Act during the lame-duck session before the new Congress takes office in 2027. Hill made the remarks after the U.S. Senate failed to pass the bill last month, arguing that subsequent moves by the Securities and Exchange Commission and the Commodity Futures Trading Commission still do not replace a legislative framework. SEC Chair Paul Atkins and CFTC Chair Michael Selig have said they will move forward with crypto regulation under instructions 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 led only by Selig, who serves as both chair and commissioner.
French Hill, chair of the U.S. House Financial Services Committee, said regulatory efforts on digital assets do not offer the long-term stability that congressional legislation can provide.
Hill said he wants Congress to pass the CLARITY Act during the lame-duck session before the new Congress takes office in 2027. The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission had previously put forward related rulemaking proposals.
He said that after the U.S. Senate failed to pass the CLARITY Act last month, the regulatory steps taken by the two agencies still fell short of replacing a legislative solution. SEC Chair Paul Atkins and CFTC Chair Michael Selig have also 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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