The chairman of the House Financial Services Committee stated that regulatory authorities' actions regarding cryptocurrencies "do not meet" the standards of the CLARITY legislation.

Rep. French Hill hopes that legislators can pass a cryptocurrency market structure bill before the start of the next Congress in 2027, as the actions taken by SEC and CFTC are not sufficient.

Franklin Hill, who serves as the chairman of the House Financial Services Committee, stated that although U.S. financial regulatory agencies are advancing work related to digital assets, these efforts lack the long-term stability that can be provided by congressional legislation.

In an interview with Fox Business on Wednesday, this Arkansas state legislator stated that after the U.S. Senate failed to pass the Digital Asset Markets Clearing Act (Digital Asset Market Clarity, abbreviated as CLARITY) last month, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have taken steps to address cryptocurrency regulation issues. Hill said that both financial agencies have proposed rule-making plans to deal with different aspects of crypto regulation and enforcement, but he believes that their responses "[failed] to meet" the level of a legislative solution after the CLARITY vote failed.

Hill said, "I still hope that we can pass [CLARITY] during this lame-duck session of Congress. We need such permanent legislative changes to ensure that the United States remains at the forefront in the fields of digital assets and blockchain technology."

The comments from this Arkansas state legislator appeared after the heads of SEC and CFTC, namely Paul Atkins (Paul Atkins) and Michael Selig (Michael Selig), announced that they would advance crypto regulation in accordance with the instructions of U.S. President Donald Trump.

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As Hill pointed out, there are only 22 days of session in the Senate between the U.S. midterms in November and the new batch of legislators entering Congress in 2027. During that brief session, the election results may affect voting in favor of or against CLARITY, as legislators will know whether they will continue to serve in January or be about to leave Congress.

There are still vacant positions in the leadership of SEC and CFTC.

As of Wednesday, there are still a total of 7 vacant positions in the leadership of SEC and CFTC. After committee member Hester Pierce (Hester Peirce) announced her resignation from SEC last week, only Chairman Atkins and Mark Uyeda (Mark Uyeda) remain in that organization. Selig serves as the chairman of CFTC and is also the sole member of that committee.

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