House Financial Services Chair Hill Says SEC, CFTC Crypto Rules Fall Short, Hopes Clarity Act Passes
Summary
- French Hill, chairman of the U.S. House Financial Services Committee, said SEC and CFTC crypto asset regulations alone are not enough to replace the Clarity Act’s permanent institutional changes.
- Hill said the SEC and CFTC’s crypto asset rules fall short of the lasting changes the Clarity Act would bring.
- He said he hopes Congress will pass the Clarity Act during the lame-duck session to create a regulatory framework for the crypto market through legislation.
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French Hill, chairman of the U.S. House Financial Services Committee, said regulations crafted by the Securities and Exchange Commission and the Commodity Futures Trading Commission are not enough to replace the lasting institutional changes the Clarity Act could provide.
Cointelegraph reported on October 7 that Hill said crypto-related rules prepared by the SEC and CFTC "do not measure up" to the permanent changes the Clarity Act would bring.
He added that he hopes Congress can pass the Clarity Act during the lame-duck session before a new Congress is sworn in in 2027.
The Clarity Act aims to establish a regulatory framework for the crypto market through legislation.
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