House Financial Services Committee Chairman French Hill said recent crypto oversight efforts by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission do not provide the long-term stability that congressional legislation could deliver. His comments came after the Senate failed last month to pass the Digital Asset Market Clarity Act, or CLARITY, and after both agencies rolled out related rulemaking plans. Hill said permanent statutory changes are still needed if the United States wants to remain a leader in digital assets and blockchain technology. In an interview with Fox Business, he said he still hopes Congress can pass the CLARITY bill during the post-midterm lame-duck session. The legislative calendar is tight: the Senate has only 22 session days between the end of the November election and the swearing-in of the new Congress in 2027. Hill also pointed to vacancies at the two regulators. Together, the SEC and CFTC currently have seven open commissioner seats. After Hester Peirce announced her resignation last week, the SEC is left with Chairman Paul Atkins and Commissioner Mark Uyeda, while CFTC Chairman Michael Selig is the agency’s only sitting commissioner.
House Financial Services Committee Chairman French Hill said the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have taken steps on crypto oversight, but those actions still fall short of the long-term stability that legislation from Congress could provide.
According to BlockBeats, the Senate failed last month to pass the Digital Asset Market Clarity Act, or CLARITY. After that, the two regulators put forward related rulemaking plans. Hill said permanent legal changes are still needed to make sure the United States remains a leader in digital assets and blockchain technology.
Hill wants a vote in the lame-duck session
In an interview with Fox Business, Hill said he still hopes Congress can pass the CLARITY bill during the lame-duck session after the midterm election.
The timetable is narrow. The Senate has only 22 session days between the end of the November election and the start of the new Congress in 2027. The election outcome could also affect how lawmakers vote on the bill.
Vacancies remain at both agencies
The SEC and CFTC together currently have seven vacant commissioner seats.
After Hester Peirce announced her resignation last week, the SEC has only Chairman Paul Atkins and Commissioner Mark Uyeda remaining. At the CFTC, Chairman Michael Selig is the agency’s only sitting commissioner.
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