French Hill pushes for CLARITY Act to establish permanent crypto laws

House Financial Services Committee Chair French Hill is advocating for the passage of the CLARITY Act, arguing that current regulatory measures from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are insufficient compared to permanent legislation. Hill expressed hope that Congress could pass the bill during the upcoming lame duck session to ensure the United States remains a leader in digital assets and blockchain technology.

The legislation previously faced a setback in the Senate in September, where a motion to open debate failed to reach the required 60-vote threshold, receiving 49 votes in favor. Senator Cynthia Lummis criticized Democratic opposition to the bill, noting that the Senate version includes provisions requiring exchanges to prove they can access and transfer customers’ private keys—a safeguard she claims was rejected by opponents.