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BTC 众议员弗朗西斯·希尔：仅靠SEC和CFTC的规则不足以规范加密市场，亟需《CLARITY法案》
众议员弗朗西斯·希尔（French Hill）指出，现有的由美国证券交易委员会（SEC）和商品期货交易委员会（CFTC）制定的加密资产监管规则并不充分。他强调，数字资产行业需要《CLARITY法案》（清晰法），以在美国建立一套切实可行的监管基础。
希尔反对仅依赖SEC和CFTC规则的立场
希尔的立场清晰地划定了机构层面的规则制定与国会才能提供的法定明确性之间的界限。在他看来，尽管SEC和CFTC采取的行动出于良好意图，但它们无法替代一个全面的立法框架，该框架必须明确界定这两个监管机构之间的管辖权边界。
这一区分至关重要，因为两个机构都声称对数字资产拥有管辖权，且其主张往往存在冲突。如果没有法律明确规定监督职责，市场参与者将面临来自两个联邦机构的相互竞争甚至矛盾的合规义务，而这两家机构的执法理念各不相同。
希尔担任众议院金融服务委员会主席，处于推动加密市场结构法案的国会努力的核心位置。该法案旨在通过立法而非“通过先例进行执法”的方式来解决这些管辖权紧张关系。
为何《CLARITY法案》成为辩论的核心
The CLARITY Act aims to achieve a comprehensive reform of U.S. crypto regulation by providing a legal basis for whether digital assets are commodities under CFTC regulation or securities under the jurisdiction of the SEC. For many years, this identification has been a core and unresolved issue in U.S. digital asset policy.
Hill believes that if the CLARITY Act fails to be enacted, any guidance or rules issued by any agency will become fragile and may be reversed by the new administration or challenged in federal courts. In contrast, a legislative framework can bind the two agencies to consistent standards.
The bill proposes a clear crypto regulatory role for each agency, a structural solution that administrative rulemaking alone cannot provide. Hill positioned the legislation as a necessary prerequisite for stabilizing institutional investors 'participation in the digital asset market.
What Hill's stance means for U.S. crypto policy
Hill's criticism suggests that the current patchwork regulatory system of SEC enforcement actions and CFTC commodity designations creates legal uncertainty and prevents institutional capital and innovation from operating openly in the United States. His call for the CLARITY Act was essentially a call on Congress to set rules rather than tacitly ceding this power to regulators.
具体而言，对于比特币，监管模糊性产生了不对称的影响。虽然CFTC一贯将比特币视为商品，但更广泛的市场结构法律的缺失使整个数字资产生态系统处于监管真空状态。这种状态影响了比特币所依赖的基础设施，包括交易所、托管机构和交易场所。
如果通过的《CLARITY法案》将为两个机构提供明确的授权，并结束希尔所指出的导致现有规则不足的管辖权重叠问题。国会是否会推进该立法仍是一个悬而未决的问题，而希尔的立场正是为了向此施压。
希尔的立场反映了一种更广泛的国会观点，即需要《CLARITY法案》以持久方式监管美国数字资产，使其能够经受住机构领导层的更替和司法审查。
