Representative French Hill, chair of the House Financial Services Committee, stated that crypto regulations from the SEC and CFTC fall short and that a legislative solution remains necessary. He acknowledged the efforts of SEC Chair Paul Atkins and CFTC Acting Chair Mike Selig to define digital assets through exemptive relief, but warned that these regulations remain fragile against a potential future administration. The Clarity Act, backed by Hill, failed in the Senate last month with a 49-50 vote, leaving agencies to proceed alone with exemptions for tokenized stocks and custody rules for investment funds. Hill is counting on a lame-duck session window before year-end to get his bill passed.
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