Representative French Hill, chair of the US House Financial Services Committee, said recent steps by the Securities and Exchange Commission and Commodity Futures Trading Commission do not provide the lasting regulatory certainty that Congress could deliver through the proposed Digital Asset Market Clarity Act.
According to Cointelegraph, Hill said he still hoped lawmakers could approve the CLARITY Act during the post-election “lame duck” session before a new Congress begins in 2027. His comments came after the US Senate failed to pass the market-structure legislation last month.
Hill calls for permanent legislation
The Arkansas Republican acknowledged that both regulators had begun taking action on digital-asset oversight after the Senate vote. The SEC and CFTC have proposed rulemaking covering different parts of crypto regulation and enforcement.
However, Hill argued that agency action was not an adequate substitute for a law passed by Congress. In a Wednesday interview with Fox Business, he said the regulators’ response had “fallen short” of the longer-term solution he associated with the CLARITY bill.
Hill said a permanent change in US law was needed to support the country’s position in digital assets and blockchain technology. He expressed hope that the bill could move forward during the lame-duck period, when lawmakers continue working after the November midterm elections but before the next Congress takes office.
A market-structure law could establish a more durable framework for determining how digital assets are overseen and enforced. By contrast, regulatory actions can be changed or revised by agencies, making congressional legislation a central focus for lawmakers seeking a long-term framework.
Limited time and agency vacancies
Hill noted that the Senate is scheduled to have only 22 days in session between the November midterm elections and the arrival of the next group of lawmakers in 2027. The election results could affect the bill’s prospects, as members would know whether they were returning to Congress or leaving office in January when votes are held.
The debate is also taking place while both regulators have unfilled leadership positions. As of Wednesday, the SEC and CFTC together had seven leadership-level vacancies. SEC Commissioner Hester Peirce announced her resignation the previous week, leaving SEC Chair Paul Atkins and Mark Uyeda as the agency’s remaining commissioners.
Michael Selig is the CFTC chair and its only commissioner, according to the source material. The SEC and CFTC are the two US agencies involved in much of the federal oversight of financial markets and commodities, although the precise treatment of digital assets has been a subject of continuing legislative and regulatory debate.
Moneyiar market picture
Moneyiar data at 09:14 on October 8, 2026, showed mixed performance among the listed digital assets:
- Sentient (SENT) was priced at $0.0253323441, up 0.28% over 24 hours and 14.54% over seven days.
- Nexus (NEX) stood at $0.0000008119, gaining 0.39% in 24 hours and 0.07% over seven days.
- AKEDO (AKE) traded at $0.0265837215, down 5.89% over 24 hours and 18.75% over seven days.
- Billions Network (BILL) was $0.0139971939, down 0.59% over 24 hours but up 10.04% over seven days.
These market movements are provided as current Moneyiar data and do not indicate how the CLARITY legislation or US regulatory actions will develop.
