Representative French Hill, chairman of the House Financial Services Committee, stated that current regulatory actions by the SEC and CFTC are insufficient for the crypto industry. He argued that agency-led rulemaking cannot replace comprehensive market-structure legislation.
Hill highlighted that while SEC Chairman Paul Atkins and CFTC Chairman Mike Selig have utilized their authority to define digital assets and commodities, these measures remain fragile. Such guidance can be challenged in court or reversed by future administrations, unlike permanent statutory changes.
The congressman remains focused on passing legislative solutions like the Clarity Act. He expressed hope that the bill could still be revived during the current lame-duck session, emphasizing that a permanent law is essential for the United States to maintain a leading position in blockchain technology.
The legislative push follows the Senate's failure to advance the Clarity Act last month in a 49-50 vote. This deadlock prompted regulators to accelerate their own initiatives, including SEC exemptions for tokenized stocks and CFTC proposals for federal oversight of exchanges.
