Chair of the House Financial Services Committee: SEC and CFTC's cryptocurrency regulatory actions are insufficient, calling on Congress to pass the CLARITY Act

Chairman of the U.S. House Financial Services Committee French Hill stated that the actions taken by regulators to advance digital asset regulation lack the long-term stability provided by congressional legislation. He hopes that Congress will pass the CLARITY Act during the lame-duck session before the new Congress takes office in 2027.

The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) have previously proposed relevant rule-making plans. French Hill indicated that the regulatory actions of the two agencies following the Senate's failure to pass the CLARITY Act last month are still insufficient to replace legislative proposals. SEC Chairman Paul Atkins and CFTC Chairman Michael Selig have announced that they will advance cryptocurrency regulation as directed by U.S. President Donald Trump. As of Wednesday, there are a total of 7 vacancies in the leadership of the two agencies; among them, Hester Peirce announced her resignation as SEC Commissioner last week, and the CFTC is currently only chaired and staffed by Selig.