Chair of the House Financial Services Committee: CFTC and SEC actions are insufficient to regulate the crypto market

After the CLARITY vote failed, the agencies began advancing separate regulatory provisions. However, French Hill said that, for long-term stability, Congress needs to pass laws that take precedence over CFTC and SEC rules. At the same time, he hopes CLARITY will be passed this year. According to Polymarket, the probability of that happening is 5%.

Hill argues that only permanent legislative changes will help cryptocurrency technologies develop in the United States.