The crypto market structure bill known as the CLARITY Act is approaching its one-year anniversary since House passage with no Senate vote in sight, Rep. French Hill, R-Ark., said in an interview with Fox Business.
Ethics disputes still the sticking point
Hill’s comments followed remarks from CFTC Chairman Michael Selig, who told the network that ethics concerns tied to President Trump’s family crypto investments have complicated negotiations. “There’s certainly some mission creeping on what’s really critical here,” Selig said, arguing that ethics-related additions are “derailing the real opportunity to have a bipartisan bill in place.”
Hill echoed that framing, while crediting senators working across the aisle to find consensus. “I want to thank Gillibrand and Lummis and Boozman and Scott and many others on both sides of the aisle who want to get to yes,” he said.
A framework already overdue, Hill argues
Hill argued that many of the concerns fueling the ethics debate would already be addressed had the bill passed sooner. “If we passed the CLARITY Act last summer, many of the things people were concerned about, meme coin issuance, co-investment, use of exchange, investing in exchanges, all of that would be under a market framework of regulation,” he said, adding that it would provide “a lot of transparency to people that are concerned about the Trump family’s investments.”
He tied the bill’s urgency to the GENIUS Act, the stablecoin legislation already signed into law. “Stablecoin is like a cell phone not connected to a cell phone network,” Hill said, “and the market framework that Mike Selig talked about is in fact that network that we need.”
A push for a floor date
Hill said he has pressed Senate leadership to schedule a vote. Rep. Hill says scheduling a July floor vote could finally force the final talks, arguing that a firm deadline is often what moves Congress toward consensus. He also pointed to a coming show of momentum: a field hearing in New York next week will be led by Rep. Bryan Steil, he noted, aimed at underscoring the need for a market framework.
Separately, Hill discussed the 21st Century Road to Housing Act, which passed with bipartisan support in both chambers. The Housing Act will become law at midnight without a signature, Hill explained, citing the constitutional provision that allows a bill to take effect ten days after reaching the president’s desk absent a signature or veto.
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