Chairman of the U.S. House Financial Services Committee says cryptocurrency regulators 'actions do

Congressman French Hill: Regulators 'crypto regulatory initiatives are no substitute for the long-term certainty provided by legislation.

French Hill, Republican of Arkansas, chairman of the U.S. House Financial Services Committee, said regulators are taking steps to address cryptocurrency regulatory issues, but he believes that current regulatory approaches are insufficient compared with the long-term certainty that Congress can provide through legislation.

In an interview with Fox Business on Wednesday, Hill pointed out that after the Senate failed to pass the CLARITY Act last month, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have embarked on rulemaking work. Hill said the regulatory efforts were "not as effective" as permanent statutory changes could achieve, adding that he still hoped the bill would pass during Congress's current "lame-duck" session, the transition period between post-election and before new members take office.

Core Points

• Hill believes that while the SEC and CFTC can propose and improve rules, they still lack the stability that Congressional legislative frameworks bring to digital assets.
• Hill attributed the recent increase in regulatory activity to the Senate's failure to pass the CLARITY bill last month.
• He said he is pushing the CLARITY bill to be advanced during the "lame duck" session because the election results may affect the direction of voting.
• Regulatory capabilities may be limited: Seven leadership levels are reported to be currently vacant in the SEC and CFTC.
• Hill views regulatory rulemaking as a stopgap measure.

Regulatory rulemaking is only a stopgap measure

Hill told Fox Business that after the Senate failed to pass the CLARITY bill, the SEC and the CFTC responded to cryptocurrency regulatory issues through proposed rulemaking in accordance with their respective supervisory responsibilities. Previous reports have shown that the CFTC has advanced proposals to establish a regulatory framework for cryptocurrencies, but broader legislative efforts have stalled as the CLARITY bill failed to be approved in the Senate.

In Hill's view, this regulatory process is inherently less permanent than legislation. He emphasized that while agencies are "moving forward" on digital assets, Congress still needs to provide "permanent" legal changes to lay stable ground rules for the industry and the United States 'competitive position.

Hill also hinted that Congress could still act quickly. He expressed hope that the CLARITY bill would be passed during the "lame duck" session, thereby continuing legislative momentum, rather than relying on an evolving cycle of institutional guidance and rule-making.

Why the "lame-duck" window makes political sense

Hill points to the actual timing of congressional action. He pointed out that the Senate has only 22 days of session between the November midterm elections and the inauguration of the next batch of members in 2027.

The compressed timetable creates a scenario where lawmakers 'views may change based on whether they expect to return to Congress-or whether their terms end in January. Under Hill's framework, the "lame-duck" period could be a critical moment for the CLARITY bill, as lawmakers will have a clear understanding of their electoral prospects and the possibility of continuing to exert influence.

At the same time, this political calculation highlights a key uncertainty facing crypto market participants: Even if regulators continue to move forward, in the absence of a comprehensive legislative package, regulatory boundaries may still rely on agency interpretations and court challenges.

Leadership vacancies in the SEC and CFTC add pressure

Hill's comments came as both regulators face leadership staffing gaps. As of Wednesday, it was reported that the SEC and CFTC had a total of seven positions open at the leadership level.

The staffing situation includes the SEC's recent personnel changes: Commissioner Hester Peirce announced his resignation last week, making SEC Chairman Paul Atkins and Commissioner Mark Uyeda the only two members of the committee. On the CFTC side, Michael Selig serves as chairman and sole member, making decision-making more centralized than under a complete committee structure.

This is critical for investors and industry builders because staffing and committee composition can affect the speed at which rulemaking is advanced, how enforcement priorities are shaped, and the degree of institutional "continuity" that exists during the development and review of major crypto regulatory proposals.

在新行政命令推动下监管方向明确

Hill言论的背景是朝着更清晰的加密监管方向进行的领导层推动。SEC和CFTC的主席——分别是Paul Atkins和Michael Selig——宣布，在美国总统Donald Trump的指导下，计划推进加密货币监管工作。

这种行政推动力与各机构自身提出的规则制定努力相结合，表明监管机构正试图填补国会留下的空白。然而，Hill的核心论点是，如果没有立法框架，该行业可能会面临规则拼凑和解释不一的局面，而这些局面会随着政府更迭以及机构拟议模式经过更多程序步骤而演变。

Hell坚持认为CLARITY法案在“跛脚鸭”会期内仍有追求的价值，这可以被解读为一个信号，表明他认为当前的方法对于依赖一致预期的行业（特别是代币发行人、交易所及其他受不断变化的监管标准影响的市場参与者）来说，还不够“永久”。

就目前而言，市场参与者应密切关注两件事：CLARITY法案是否能在有限的“跛脚鸭”窗口期内获得进展；以及在报告的领导层空缺情况下，SEC和CFTC将如何推进工作。即使国会的解决方案未能及时到位，这两个机构的下一步行动也可能塑造合规预期。