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

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. In a Wednesday Fox Business interview, the Arkansas lawmaker said 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 proposed rulemaking to handle different aspects 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 ...