US House Financial Services Committee Chairman: SEC and CFTC crypto regulatory actions still insufficient, hopes CLARITY Act passes after midterm elections.

BlockBeats news, October 8 — French Hill, Chairman of the U.S. House Financial Services Committee, said that although the SEC and CFTC have taken steps to advance crypto regulation, those actions still fall short of the long-term stability that congressional legislation can provide. After the Senate failed to pass the Digital Asset Market Clarity Act (CLARITY) last month, the two regulators put forward related rulemaking plans, and Hill believes permanent legal changes are still needed to ensure the United States remains a leader in digital assets and blockchain technology.

In an interview with Fox Business, Hill said he still hopes Congress can pass the CLARITY Act during the "lame-duck" session after the midterm elections. Between the end of the November elections and the seating of the new Congress in 2027, the Senate has only 22 session days. The election results could affect lawmakers' voting positions on the bill.

The two regulators currently have a combined seven commissioner seats vacant. After Hester Peirce announced her resignation last week, the SEC has only Chairman Paul Atkins and Commissioner Mark Uyeda left; CFTC Chairman Michael Selig is the agency's only sitting commissioner.