Hill: Crypto Rules Fall Short Without CLARITY Act

House Financial Services Committee Chair French Hill criticized recent actions by the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission on digital-asset regulation, saying they fall short of the long-term framework Congress could establish through the Digital Asset Market Clarity Act.

In a Wednesday interview, Hill noted that the agencies had advanced regulatory and enforcement plans after the Senate failed to pass the CLARITY Act last month. The SEC and CFTC have proposed separate approaches for overseeing different parts of the digital-asset market.

Hill told reporters that agency policies could change with future administrations, while legislation would establish a lasting framework for digital assets and blockchain technology.

“I still have hope … that we can get [CLARITY] passed in the lame-duck session of Congress,” Hill said. “We need that permanent law change to make sure America is number one in digital assets and blockchain technology.”

The remarks followed announcements from SEC Chair Paul Atkins and CFTC Chair Michael Selig that their agencies would advance crypto regulation at the direction of President Donald Trump.

Hill said Congress would have 22 days in session between the November midterm elections and the arrival of the next group of lawmakers in 2027. Election results could affect support for the bill during that period, since lawmakers would know whether they would return to Congress in January.

Vacancies at both agencies could also affect their regulatory work. SEC Commissioner Hester Peirce resigned last week, leaving Atkins and Mark Uyeda as the agency’s only commissioners. Selig is the CFTC’s chair and sole commissioner. The SEC and CFTC have seven vacant leadership positions between them.