French Hill, chair of the House Financial Services Committee, stated on October 7, 2026, that recent regulatory actions by the SEC and CFTC regarding digital assets are insufficient. He continues to advocate for the Digital Asset Market Clarity Act (CLARITY Act) as a permanent legislative solution.
The CLARITY Act failed to pass the Senate in mid-September 2026 with a vote of 49-50, falling short of the 60 votes required. Hill remains hopeful that the bill could be passed during the upcoming lame-duck session before the current Congress adjourns in 2027.
SEC Chair Paul Atkins and CFTC Chair Michael Selig have announced plans to proceed with independent rulemaking. Hill expressed concern that agency policies are not durable, as they can be reversed by new administrations, and warned that fragmented approaches could lead to inconsistent standards.
As of October 7, 2026, the SEC and CFTC have seven leadership vacancies, including the seat vacated by former Commissioner Hester Peirce. Hill noted that these open positions and the limited remaining schedule of 22 Senate session days create significant uncertainty for the industry.
