Arkansas Lawmaker Critiques Crypto Regulation Efforts as Regulators Step Up
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By Turner Wright and Robert Lakin
House Finance panel chair Representative French Hill expressed disappointment with the recent actions of US financial regulators, arguing that they don't match the clarity and stability offered by Congress through its proposed CLARITY bill.
In a Fox Business interview, Hill stated that while the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are taking steps to regulate digital assets, their efforts fall short of legislative solutions. He added that he still holds hope for passing the Digital Asset Market Clarity (CLARITY) Act during the upcoming lame duck session of Congress before the next term begins in 2027.
Hill's comments followed announcements by SEC and CFTC heads Paul Atkins and Michael Selig, respectively, to move forward with crypto regulation at President Trump's direction. With only 22 days left in the Senate's current session between the midterm elections and the new Congress, the outcome of these elections may significantly influence CLARITY's fate.
Moreover, Hill highlighted the significant number of vacant positions at both regulators – seven leadership-level vacancies at SEC and CFTC – which could further impede their effectiveness.