Chair

Paul Atkins

would

Representative French Hill, who chairs the House Financial Services Committee, said that though US financial regulators were moving forward with addressing digital assets, their actions lacked the long-term stability of legislation from Congress.&nbsp;
In a Wednesday Fox Business interview, the Arkansas lawmaker <a href="https://www.foxbusiness.com/video/6406418287112" rel="noopener noreferrer nofollow">said</a> the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) had taken steps to address crypto regulations after the US Senate failed to pass the Digital Asset Market Clarity (CLARITY) Act last month. Both financial agencies have <a href="https://cointelegraph.com/news/cftc-proposed-crypto-framework-failed-clarity-vote" rel="noopener noreferrer nofollow">proposed rulemaking to handle different aspects</a> of overseeing and enforcing crypto regulations, but Hill said their response following the failed CLARITY vote “[fell] short” of legislative solutions.
“I still have hope [...] that we can get [CLARITY] passed in the lame duck session of Congress,” said Hill. “We need that permanent law change to make sure America is number one in digital assets and blockchain technology.”
The Arkansas lawmaker’s comments came after the heads of the SEC and CFTC — Paul Atkins and Michael Selig, respectively — announced plans to move forward with crypto regulation at the direction of US President Donald Trump.&nbsp;
Related: <a href="https://cointelegraph.com/news/crypto-pac-fairshake-house-endorsements-us-midterms" rel="noopener noreferrer nofollow">Crypto PAC announces support for 32 House candidates in US midterms</a>
As Hill noted, the Senate would <a href="https://cointelegraph.com/news/clarity-act-senate-delay-window-become-law-midterm-elections" rel="noopener noreferrer nofollow">have only 22 days in session</a> between the US midterm elections in November and the next group of lawmakers entering Congress in 2027. During that lame duck session, the results of the elections could play a role in votes favoring or opposing CLARITY, as lawmakers will be aware of whether they will be returning to Congress or leaving in January.
<h2 id="empty-commissioner-seats-at-both-regulators">Empty commissioner seats at both regulators</h2>
As of Wednesday, there <a href="https://cointelegraph.com/news/us-sec-cftc-crypto-regulation-few-commissioners" rel="noopener noreferrer nofollow">are a total of seven vacancies</a> at the leadership level for the SEC and CFTC. Commissioner Hester Peirce announced her resignation from the former last week, leaving only Chair Atkins and Mark Uyeda. Selig serves as chair and sole commissioner at the CFTC.
Magazine: <a href="https://cointelegraph.com/magazine/weaker-dollar-crypto-green-light-raoul-pal-trade-secrets" rel="noopener noreferrer nofollow">Capital starting to rotate back to crypto from AI: Raoul Pal</a>

House Finance panel chair says regulator actions on crypto ‘fall short’ of CLARITY bill

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