法国山称，美国证券交易委员会和商品期货交易委员会的加密货币监管规定不及立法

Chairman of the House Financial Services Committee promotes permanent crypto legislation, leaving 22 Senate days left.

Chairman of the House Financial Services Committee French Hill reiterated his call for a permanent U.S. crypto asset law. He pointed out that current regulatory action is not enough to replace legislative work, and that the Senate has only 22 meeting days left after the November election.

Regulatory measures cannot replace congressional legislative frameworks

Hill said that the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) initiatives in the area of cryptoassets do not provide the lasting legal framework that Congress can establish. Although the two agencies have made some progress on digital assets, their efforts have "failed to reach" the level of a congressional solution.

Previously, the Senate blocked debate on the CLARITY Act in September when only 49 votes supported a motion that required 60 votes to pass. Still, Hill hopes lawmakers can pass the bill during the lame-duck session after the election, the transition period after the November mid-term elections and before new lawmakers take office in January.

Hill emphasized: "We need this permanent legal change to ensure that the United States remains a leader in digital assets and blockchain technology." He also pointed out that time is running out, with the Senate having only 22 scheduled meeting days between the election and the opening of the next Congress.

Clarification Bill still requires Senate consensus

参议院记录显示，9月的挫折在于开启关于《清晰法案》的辩论程序，而非对该法案最终是否通过的表决。9月15日，该动议以49票赞成、50票反对、1人缺席的结果未获通过，支持者距离所需的60票还差11票。

不过，由于共和党参议员汤姆·蒂利斯（Thom Tillis）将投票改为反对并提交了重新审议结果的动议，这为重新考虑留下了空间。据报道，众议院已于2025年7月以294比134票通过了其版本的H.R. 3633法案，其中包括78名民主党人的支持。然而，参议院版本若包含实质性修改，仍需两院达成一致才能送交总统签署。

在9月投票后的声明中，民主党谈判代表表示道德操守保障措施仍未解决。参议员安吉拉·阿尔斯布鲁克斯（Angela Alsobrooks）表示，她希望限制范围涵盖现任总统、未来总统以及国会议员，同时她继续支持数字资产立法。共和党赞助方则称，他们的9月14日草案已纳入民主党寻求的126项实质性修改，涉及道德条款、州总检察长执法权以及财政部关于稳定币相关存款外流的权限。

SEC与CFTC的监管权力受限于现有法律

希尔的言论紧随SEC主席保罗·阿特金斯（Paul Atkins）和CFTC主席迈克尔·塞利格（Michael Selig）宣布将在特朗普总统的指导下推进加密资产监管之后。事实上，CFTC的工作早于参议院的失败投票。塞利格曾在8月的一份报告中表示，无论法案结果如何，该机构都将追求市场结构改革。

据报道，CFTC目前已监督包括加密货币期货、期权和互换在内的衍生品，并可处理现货商品交易中的欺诈和操纵行为。然而，其现有权力并不具备对现货加密货币交易所进行常规监督的能力，而这正是注册衍生品平台所享有的监管待遇。

根据报告描述的《清晰法案》框架，符合条件的数字商品通常将归CFTC监管，而与证券相关的活动则由SEC负责。该法案将为某些数字商品交易所和其他参与者建立登记要求。对于美国投资者而言，平台监管是一个实际区别：负责交易场所的监管机构取决于所涉及的产品和活动。拟议立法将赋予CFTC对符合条件的现货数字商品市场的额外管辖权。

A September 24 review document documented multiple independent regulatory steps. The SEC's March 17 explanation described five asset classes, while the August proposal outlined $5 million and $75 million exemptions for crypto issuance and is currently under public consultation. In addition, the SEC issued a conditional tokenized stock trading exemption on September 17, and on the same day a CFTC crypto market measure entered the review stage of preliminary rule formulation by the White House. The report distinguishes these actions from the statutory spot market framework envisioned by the Clarification Act.

"Lame-duck" agreement depends on resolution of disputed clauses

Former Democratic Rep. Tim Ryan made a similar assessment of the remaining legislative window. He said lawmakers could reach a "lame duck" legislative deal if both sides returned to the negotiating table and made concessions. As a member of the Shyft Policy Board, Ryan pointed out that issues such as ethics, consumer protection, illegal financing and stablecoin rewards remain unresolved.

Despite differences over the terms of the bill, Ryan believes support for federal encryption rules remains bipartisan. He believes that for technology companies that invest and hire employees in the United States, regulatory decisions must transcend the impact of government changes. While institutional action can help companies during congressional negotiations, companies making long-term investments need a more lasting legal framework.

Ryan also called for a consistent approach to digital assets to avoid companies and consumers having to resolve classification issues through individual lawsuits. Hill's timetable schedules negotiations after the election to decide which lawmakers will return to Washington. Describing the Senate's 22-day window, he noted that members entered the session with a clear understanding whether they would stay in office or leave office in January.

The SEC and CFTC leadership positions have reached seven vacancies

The report also pointed out that as of October 7, senior leadership positions in the two financial regulators have been reduced, with a total of seven committee seats vacant. Hester Peirce reportedly announced her resignation from the SEC last week, leaving Atkins and Commissioner Mark Uyeda the only two members of the SEC. On the CFTC side, Selig is both the chairman and the only member.