Representative French Hill, chair of the House Financial Services Committee, stated that current regulatory efforts by the SEC and CFTC are insufficient compared to the proposed Digital Asset Market Clarity (CLARITY) Act. He emphasized that agency actions lack the long-term stability provided by permanent congressional legislation.
The lawmaker expressed hope that the CLARITY bill could be passed during the upcoming lame duck session of Congress. Hill noted that there are only 22 days in session between the November midterm elections and the start of the new congressional term in 2027. Election outcomes may influence the voting process for the bill.
The regulatory landscape faces leadership challenges, with seven vacancies currently existing across the SEC and CFTC. At the SEC, Commissioner Hester Peirce recently resigned, leaving Chair Paul Atkins and Mark Uyeda. At the CFTC, Michael Selig serves as the chair and sole commissioner. These agencies are currently pursuing crypto regulation under the direction of President Donald Trump.
