Hill pushes CLARITY Act in Senate lame-duck session
Representative French Hill says he still hopes the CLARITY Act can pass in the Senate lame-duck period after next month's midterm elections, arguing agency rules fall short of a permanent law.
Key points
- Hill chairs the House Financial Services Committee and championed the earlier FIT21 Act.
- The CLARITY Act failed a Senate cloture vote last month, with senators voting 49-50.
- Hill made the comments in a Fox Business interview aired on Wednesday.
Representative French Hill still hopes the CLARITY Act can win approval in the Senate lame-duck session after next month's midterm elections, Bitcoin.com News reports. The House Financial Services Committee chairman said a permanent law change is needed to keep America first in digital assets and blockchain technology.
Hill, who championed the earlier FIT21 Act, spoke during an interview on Fox Business aired on Wednesday. He acknowledged that the SEC and the CFTC are using their existing powers to define digital assets and digital commodities, but argued that this approach falls short of what is required.
Senators voted 49-50 on its first real floor test. Analysts at Troutman Pepper Locke said agency rules offer guidance but not certainty, because future administrations can revise or withdraw them.
John Reed Stark, former chief of the SEC's Office of Internet Enforcement, has called the SEC's deregulation push overreach that exceeds the agency's authority and usurps congressional power.
What to watch: Hill hopes the Senate will take up the CLARITY Act in the lame-duck session following next month's midterm elections.
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