Rep. French Hill, the Republican chair of the House Financial Services Committee, says recent cryptocurrency initiatives from the Securities and Exchange Commission and the Commodity Futures Trading Commission do not provide the lasting certainty the US digital-asset industry needs.
Speaking to Fox Business on Wednesday, Hill acknowledged that SEC Chair Paul Atkins and CFTC acting Chair Mike Selig have used the agencies’ existing authority, including exemptive relief, to clarify how some digital assets and digital commodities may operate. But he said those measures remain weaker than a law passed by Congress.
According to Decrypt, Hill argued that the agencies’ rulemaking “falls short” of what is required and called for a legislative solution. His position keeps pressure on lawmakers after a broader crypto market-structure bill failed to advance in the Senate, even as regulators have moved forward with their own initiatives.
Why Hill wants a law
Hill said agency action can help establish a functioning framework while Congress remains deadlocked, but he sees it as an interim arrangement rather than a permanent answer. Regulatory exemptions and guidance can be challenged in court or reversed by a future administration. A statute, by contrast, would provide a more durable legal foundation for the market.
The congressman pointed to his work on FIT21 during the previous Congress and the Clarity Act in the current one. He said he still hopes legislation could pass during a lame-duck session, the period after an election and before a new Congress takes office, arguing that a permanent change is needed for the United States to remain a leader in digital assets and blockchain technology.
Hill’s comments also challenge the view that the crypto industry has effectively moved on from Congress after the collapse of the Clarity Act. That bill was intended to establish rules for most cryptocurrency activity in the United States and draw clearer jurisdictional lines between the SEC and the CFTC.
What the agencies have done
The Senate did not advance the Clarity Act in a 49-50 vote last month. With the legislative route stalled, both regulators have pursued measures that offer narrower forms of clarity within their existing powers.
The SEC has introduced an “innovation exemption” covering tokenized stocks and proposed rules addressing how investment advisers and funds could custody crypto assets. The CFTC has sent crypto-market rulemakings to the White House and floated a plan that would place crypto exchanges under federal oversight.
These steps are significant because they address parts of the market without waiting for Congress to settle the broader question of which agency should regulate particular digital assets and activities. However, they do not amount to the comprehensive framework Hill says the industry requires.
For investors and businesses, the distinction matters. Agency relief may allow certain products or activities to proceed under defined conditions, but its scope depends on the regulator’s authority and policy direction. A statute could set the rules more broadly and make them less vulnerable to administrative changes.
The political window and market picture
Hill’s preferred route remains uncertain. The Clarity Act recently failed to clear the Senate, and the remaining lame-duck window before the end of the year is limited. The source material does not establish whether lawmakers will revive the bill, leaving the immediate future of federal crypto legislation unresolved.
Moneyiar market data at 09:19 on October 8, 2026, shows RedStone (RED) trading at $0.1517873648. The token was up 0.63% over 24 hours but down 16.94% over seven days.
Hill, a longtime crypto advocate who was selected to lead the committee in part because of his focus on digital assets, is not endorsing a regulator-only approach. His message is that SEC and CFTC actions can fill a temporary gap, but only Congress can deliver the durable market-structure law he believes the US industry needs.
