Regulation

US Rep French Hill Discusses Crypto Plans Under New Role

Published

1 week ago

December 13, 2024

Pro Crypto Rep French Hill To Become Next Chair Of House Financial Services Committee.webp.webp

U.S. Representative French Hill outlined his commitment to prioritizing digital asset legislation in 2025. Following his election as the chair of the House Financial Services Committee, Hill emphasized the need for clear regulatory frameworks to support the growing digital asset sector.

As part of his plans, Hill will focus on developing a market structure for digital assets during the first 100 days of his leadership.

Rep. French Hill’s Crypto Agenda: Market Structure and Stablecoin Regulation

During an interview on CNBC, French Hill discussed his top priorities for the coming year. He expressed the need for a structured regulatory framework for digital assets, emphasizing the absence of clear guidelines under the current system. Hill pointed out that, under SEC Chairman Gary Gensler, the industry has been subject to “regulation by enforcement,” which he believes hinders innovation.

Hill has called for a more structured approach to crypto regulations to support technological progress in blockchain and Web3 applications.

French Hill also indicated that stablecoins will be a key focus. He noted that House Majority Leader Steve Scalise plans to introduce a bill during the first 100 days of the new Congress. This will establish a regulatory framework for digital assets, including stablecoins.

Moreover, the U.S. Representative, recently appointed as the next Chair of the House Financial Services Committee, has pledged to tackle politically motivated debanking practices. Hill plans to investigate Operation Chokepoint 2.0. His goal is to ensure fairness, transparency, and regulatory integrity

Plans for Regulatory Clarity in Digital Asset Space

As the newly appointed chair of the House Financial Services Committee, French Hill intends to address the lack of regulatory clarity in the digital asset space. He has been an advocate for defining a clear market structure that would provide stability and encourage innovation.

Many in the crypto industry have supported Hill’s call for comprehensive crypto regulations. These regulations, he believes, will create an environment where businesses can thrive while ensuring consumer protection.

The push for a regulatory framework aligns with Hill’s ongoing work with the committee’s digital asset subcommittee. As a former chair of the subcommittee, he has already led efforts to shape cryptocurrency policies. He aims to continue that momentum in his new role by working closely with industry stakeholders and other lawmakers.

French Hill has garnered support from various industry groups for his proactive stance on digital asset legislation. The DeFi Education Fund and the Blockchain Association have expressed their backing, noting his experience in digital asset policy.

In addition to his focus on crypto regulations, Hill has also addressed broader financial issues, including improving capital formation and banking regulations. However, during the interview, when asked about a bitcoin reserve, Hill responded,

“I understand why some people are attracted to that, I’d have to think long and hard about what the value of that is to the United States or the Treasury.”