Rep. French Hill said SEC and CFTC crypto rulemaking falls short of the legislative solution needed for digital assets. The Senate failed to advance the Clarity Act in a 49-50 vote last month. The bill would have governed most cryptocurrency activity in the United States and clarified the agencies' respective jurisdictions over digital assets. Hill said he still hopes the bill can pass during the lame-duck session. The SEC and CFTC have advanced their own initiatives, but exemptions and guidance can face court challenges or reversal by a future administration.