House Financial Services Committee Chair: Hopes CLARITY Act Will Pass During Lame-Duck Session After Midterm Elections

Odaily News: French Hill, Chairman of the U.S. House Financial Services Committee, said he hopes to push for the approval of the CLARITY Act during Congress's lame-duck session after next month's midterm elections. He believes that permanent legislation is needed to ensure the United States maintains its lead in digital assets and blockchain technology.

French Hill previously pushed for the FIT21 Act, and stated that the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) are defining digital assets and digital commodities under existing regulatory authority, but such policies are still insufficient to replace a legislative solution.

Last month, the CLARITY Act failed to secure the required votes in the Senate's vote to end debate, with a tally of 49 in favor and 50 against.

Analysts pointed out that agency regulatory rules are more easily modified or revoked by a new administration, making it difficult to provide the certainty that congressional legislation can offer. Law firm Troutman Pepper Locke said that future administrations could adjust rule interpretations and enforcement priorities. (Bitcoin.com News)