SEC and CFTC Crypto Regulation Accused of Falling Short of Clarity Bill Standards

On October 8 — According to Cointelegraph, French Hill, chairman of the House Financial Services Committee, recently noted that although the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have recently taken measures to address crypto asset regulation, their actual impact still falls short of the legislative expectations set by the Clarity Bill (Digital Asset Market Clarity Act).

In an interview, Hill stated that since the Senate previously failed to pass the CLARITY bill, the independent regulatory actions taken by the two commissions thus far, while filling certain gaps, clearly lack the long-term legal stability and clarity needed, and cannot replace a comprehensive congressional legislative solution.

Addressing this regulatory dilemma, Hill expressed his determination to advance the legislation. He hopes to leverage Congress's upcoming lame duck session to push the bill through, with the aim of establishing a permanent legal framework to consolidate the United States' leading position in digital assets and blockchain technology.