SEC · CLARITY Act · France · White House · US Congress · Decrypt
Hill's comments cut against a narrative that has taken hold since the Clarity Act's collapse
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
✓ KHAO Verified
But the Senate failed to advance the bill in a 49-50 vote last month, prompting the SEC and CFTC to press ahead with their own initiatives and leading many in the industry to conclude that crypto had stopped waiting on Congress and learned to lean on the regulators instead.
Key facts
- Speaking Business on Wednesday, Hill, the Arkansas Republican who chairs the House Financial Services Committee, credited the two agencies for stepping into the vacuum
- French Hill, who argued this week that the flurry of crypto rulemaking from the SEC and CFTC is no substitute for the market-structure law that stalled in the Senate
- Hill's comments cut against a narrative that has taken hold since the Clarity Act's collapse
- The regulators may be busy on crypto, but they can't finish the job
Summary
French Hill, who chairs the House Financial Services Committee, told Fox Business that the SEC and CFTC's crypto rulemaking "fall short" of what's needed: a legislative solution. He credited SEC Chair Paul Atkins and CFTC acting Chair Mike Selig for using exemptive relief to define digital assets, but argued agency rules are fragile compared with a durable statute. His stance cuts against the post-collapse narrative of crypto leaning on regulators rather than Congress. The regulators may be busy on crypto, but they can't finish the job. Speaking Business on Wednesday, Hill, the Arkansas Republican who chairs the House Financial Services Committee, credited the two agencies for stepping into the vacuum.