SEC and CFTC Crypto Rules 'Fall Short' of Clarity, Says Rep. French Hill

What happened: Rep. French Hill told Fox Business that SEC and CFTC crypto rulemaking falls short of what is needed, namely a legislative solution. He credited both agencies for using exemptive relief to define digital assets. Key numbers: The Senate failed to advance the Clarity Act in a 49-50 vote last month. Why it matters: Hill argues agency relief is fragile because exemptions can be challenged in court or unwound by a future administration, while a statute is durable. He still hopes a bill passes in the lame-duck session.

Rep. French Hill told Fox Business that SEC and CFTC crypto rulemaking falls short of what is needed, namely a legislative solution. He credited both agencies for using exemptive relief to define digital assets.

Hill argues agency relief is fragile because exemptions can be challenged in court or unwound by a future administration, while a statute is durable. He still hopes a bill passes in the lame-duck session.