【U.S. lawmakers push to pass digital asset bill during lame-duck session; CFTC says industry is returning to the U.S.】
According to Odaily Planet Daily, French Hill, chair of the U.S. House Financial Services Committee, recently said he hopes to push for passage of the CLARITY Act during Congress’s lame-duck session after next month’s midterm elections. He believes the U.S. needs permanent legislation to ensure it remains a leader in digital assets and blockchain technology. The bill previously failed to secure enough votes in a Senate vote on ending debate.
Meanwhile, according to several Chinese and international media outlets, Commodity Futures Trading Commission (CFTC) Chair Mike Selig said publicly on social media that the U.S. would no longer stand by as crypto businesses move overseas, and that the crypto industry is now returning to the United States. He stressed that clear regulatory rules would help keep related businesses and talent in the country and allow the U.S. to lead in setting industry standards.
Although regulators have sent positive signals that they want to retain the industry through legislation and clearer rules, the bill’s setback in the Senate shows that Congress remains divided over the specific framework for digital asset legislation. In the eyes of many market participants, the current division of regulatory authority—for example, the respective discretion of the SEC and CFTC—still cannot replace comprehensive legal protections.
This reflects a pivotal moment for U.S. crypto regulation. On one hand, the executive branch and regulatory agencies are eager to bring the industry back to the country; on the other, the legislative process faces practical obstacles. As the special session after the midterm elections approaches, whether bills of this kind can break the deadlock and become law will have far-reaching implications for future market compliance.
According to Odaily Planet Daily, French Hill, chair of the U.S. House Financial Services Committee, recently said he hopes to push for passage of the CLARITY Act during Congress’s lame-duck session after next month’s midterm elections. He believes the U.S. needs permanent legislation to ensure it remains a leader in digital assets and blockchain technology. The bill previously failed to secure enough votes in a Senate vote on ending debate.
Meanwhile, according to several Chinese and international media outlets, Commodity Futures Trading Commission (CFTC) Chair Mike Selig said publicly on social media that the U.S. would no longer stand by as crypto businesses move overseas, and that the crypto industry is now returning to the United States. He stressed that clear regulatory rules would help keep related businesses and talent in the country and allow the U.S. to lead in setting industry standards.
Although regulators have sent positive signals that they want to retain the industry through legislation and clearer rules, the bill’s setback in the Senate shows that Congress remains divided over the specific framework for digital asset legislation. In the eyes of many market participants, the current division of regulatory authority—for example, the respective discretion of the SEC and CFTC—still cannot replace comprehensive legal protections.
This reflects a pivotal moment for U.S. crypto regulation. On one hand, the executive branch and regulatory agencies are eager to bring the industry back to the country; on the other, the legislative process faces practical obstacles. As the special session after the midterm elections approaches, whether bills of this kind can break the deadlock and become law will have far-reaching implications for future market compliance.