French Hill states that the rules of SEC and CFTC are "still insufficient," and hopes that the CLARITY bill can be passed during the lame-duck session
Ai Focus
The Chairman of the House Financial Services Committee, French Hill, stated that the current rules established by SEC and CFTC are not sufficient to replace the permanent reforms brought about by the CLARITY Act, and he hopes that Congress will be able to pass this act during the lame-duck session before the start of the new Congress in 2027. Senator Cynthia Lummis mentioned that Democrats had previously demanded that exchanges prove their ability to access and transfer customers' private keys, a provision that was included in the Senate version of the bill, yet they still voted against it afterward.
The chairman of the House Financial Services Committee, French Hill, stated that the rules enacted by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) are "still insufficient" and cannot replace the permanent reforms that the CLARITY Act will bring about; he hopes that Congress can pass this act during the lame-duck session before the start of the new Congress in 2027.
"I still hold hope," he said in an interview with Fox Business, adding that the bill is necessary to ensure that "the United States remains at the forefront in the field of digital assets."
Senator Cynthia Lummis offered a new angle of criticism towards the Democrats. She stated that the Democrats had previously demanded that exchanges prove their ability to access and transfer customers' private keys; this requirement did not appear in the House version of the bill, but it has been included in the Senate version of the CLARITY Act. However, she said that the Democrats still voted against the bill afterward.
Lummis described this voting action as a veto of the measures to truly protect consumers' funds.
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