Hill Says Agency Crypto Rules Cannot Replace CLARITY Act

House Financial Services Committee Chair French Hill said the Securities and Exchange Commission and Commodity Futures Trading Commission cannot provide the lasting legal certainty he believes Congress should establish for digital assets. He voiced support for the agencies’ regulatory work but said it falls short of legislation, and said he hopes lawmakers can pass the CLARITY Act during Congress’s lame-duck session. The Senate failed to advance the Digital Asset Market Clarity Act in a 49-50 vote in September, according to the reports. Hill’s comments came after SEC Chair Paul Atkins and CFTC Chair Michael Selig announced plans to pursue crypto regulation using their agencies’ authority. The precise scope and timing of any resulting rules remain unclear. In an interview on October 7, Hill argued that agency policies can be changed or reversed, while a law passed by Congress would offer a more durable framework. He credited regulators with taking steps to address digital assets, but maintained that their actions do not replace a legislative solution.