Representative French Hill, chair of the House Financial Services Committee, considers recent SEC and CFTC actions on digital assets insufficient, arguing that agency rulemaking can be undone by a new administration whereas a statute cannot. The CLARITY Act failed in the Senate in mid-September 2026 with a 49-50 vote, needing 60 votes to advance. Hill hopes for another attempt during the upcoming lame-duck session, with only 22 Senate session days remaining before Congress adjourns in 2027. The two regulatory agencies combined have seven leadership vacancies, including the recent resignation of SEC Commissioner Hester Peirce, one of the most prominent crypto voices at the commission. SEC Chair Paul Atkins and CFTC Chair Michael Selig are now pursuing rulemaking using their existing authority as an alternative to legislation.
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