Rep. French Hill Criticizes SEC and CFTC’s Crypto Rulemaking
- Rep. French Hill, chair of the House Financial Services Committee, believes SEC and CFTC rules are insufficient without legislative backing.
- Hill credited SEC Chair Paul Atkins and CFTC acting Chair Mike Selig for their use of exemptive relief to define digital assets.
- The Clarity Act, which aimed to set crypto regulations, failed in the Senate with a close vote of 49-50.
- SEC introduced an “innovation exemption” for tokenized stocks, while CFTC proposed federal oversight for crypto exchanges.
Rep. Hill argues that agency rules are fragile compared to a durable statute, emphasizing the need for Congress to pass comprehensive legislation on cryptocurrency regulation.
He maintains hope that legislation like the Clarity Act can be revived during the lame-duck session to ensure lasting regulatory clarity in the U.S. (Source)
