Rep. French Hill said the SEC and CFTC have made real progress on crypto, and that none of it is enough. The Arkansas Republican, who chairs the House Financial Services Committee, told Fox Business on Oct. 7 that the two agencies’ rules fall short of what Congress has to pass.

For anyone holding tokens, the gap is not abstract. Hill’s objection is durability: an exemption from the SEC or a rulemaking from the CFTC can be challenged in court or unwound by a future administration, while a statute stays in place until Congress amends it. That is a familiar pattern in US crypto rules that keep changing, and it is the gap Hill wants closed.

Hill Credits the Chairs, Then Draws the Line

Hill gave both agency heads their due. He said SEC Chairman…