US House Financial Services Chair Hill Says SEC, CFTC Crypto Rules Fall Short; Hopes Clarity Act Passes
JH Kim
Summary
- French Hill, chair of the U.S. House Financial Services Committee, said SEC and CFTC cryptocurrency rules alone are not enough to replace the permanent institutional changes envisioned under the Clarity Act.
- Hill said crypto-related rules put forward by the SEC and CFTC fall short of the lasting changes the Clarity Act would deliver.
- He said he hopes Congress will pass the Clarity Act, which would establish a legislative regulatory framework for the cryptocurrency market, during the lame-duck session.
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French Hill, chair of the U.S. House Financial Services Committee, said cryptocurrency rules from the Securities and Exchange Commission and the Commodity Futures Trading Commission are not enough to replace the permanent institutional changes the Clarity Act would provide.
Cointelegraph reported on October 7 that Hill said crypto-related rules put forward by the SEC and CFTC fall short of the lasting changes the Clarity Act would deliver.
He added that he hopes Congress can pass the Clarity Act during the lame-duck session before a new Congress takes office in 2027.
The Clarity Act is aimed at establishing a regulatory framework for the cryptocurrency market through legislation.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.