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BTC 
ETH Regulators are busy in the crypto space, but cannot complete their legislative mission alone
Regulators may be working hard on cryptocurrency matters, but they cannot do the job alone. That was the core message conveyed this week by Rep. French Hill, R-Arkansas. He pointed out that the intensive introduction of crypto rulemaking by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) is no substitute for market structure legislation that has stalled in the Senate.
In an interview with Fox Business on Wednesday, Hill, who is chairman of the House Financial Services Committee, praised the two agencies 'efforts to fill the regulatory vacuum. He specifically noted that SEC Chairman Paul Atkins and CFTC Chairman Mike Selig "have taken steps to use their regulatory powers and immunity remedies to clearly define digital assets and digital goods to create a fully functional and innovative financial system in the United States."
Regulatory measures have limitations and legislative solutions are indispensable
However, Hill is blunt about the limitations of this approach. "In my opinion, these regulatory policies fail to achieve what we have to do, which is to seek legislative solutions," Hill said. He cited the FIT21 bill he drafted in the previous Congress and the Clarity Act introduced by this Congress as examples.
希尔仍寄希望于该法案能在“跛脚鸭”会期（指大选后新一届国会就职前的短暂会期）获得通过。他强调：“我们需要永久性的法律变更，以确保美国在数字资产和区块链技术领域保持领先地位。”
从立法失败到依赖监管机构的叙事转变
希尔的言论与自《清晰度法案》流产以来形成的一种主流叙事相悖。该法案本将为美国大部分加密货币活动设定规则，并厘清CFTC与SEC在数字资产管辖权上的界限。然而，上个月参议院以49票赞成、50票反对未能推进该法案。这一结果促使SEC和CFTC加快自身举措的步伐，导致行业许多人得出结论：加密货币行业已不再等待国会，转而学会依靠监管机构。
各监管机构的行动迅速且密集。SEC推出了针对代币化股票的“创新豁免”，并就投资顾问和基金如何托管加密货币提出了新规；与此同时，CFTC将加密市场规则提交至白宫，并酝酿将加密交易所纳入联邦监管的计划。在国会缺席的情况下，这些步骤构成了监管机构能为加密行业提供的唯一形式的“清晰性”。
监管豁免脆弱，立法才能提供持久确定性
Hill pointed out that such regulatory remedies are inherently fragile. Immunities and guidance may be challenged in courts or revoked by future governments, while statutes have lasting effect.
As a long-time cryptocurrency advocate appointed to lead the committee because of his focus on digital assets, Hill has always viewed legislation as the only way for the industry to gain lasting certainty. The lame duck window he is betting on is very narrow. Whether a bill that failed to pass the Senate in previous weeks can be resurrected before the end of the year remains an unsolved mystery. But for now, Hill is not ready to hand the task entirely to regulators.
