Regulation
US Rep French Hill Provides Timeline For Stablecoin Legislation
US Congressman French Hill, who serves as the Chairman of the House’s Subcommittee on Digital Assets, has provided a timeline for when the Stablecoin bill could be passed, suggesting that this could happen as early as year-end. Interestingly, the congressman also offered insights into the process for firing the US Securities and Exchange Commission (SEC) Chair Gary Gensler.
French Hill Raises Possibility Of Stablecoin Legislation Passing By Year-End
During an interview on the Thinking Crypto Podcast, the US Congressman suggested that the US House could pass the Stablecoin legislation by year-end. He added that if they don’t pass it this year, the stablecoin bill will be a top priority for his committee in the new year.
As to how soon it could happen in the new year, he explained that the second quarter was a realistic target since they will have to reintroduce the bill in the House and Senate because of the new US congress members following the November elections.
Therefore, French Hill noted that the bill’s reading would likely take place in the first quarter of the year, and then it could be passed in the second quarter. The US Congressman also revealed that they have laid the groundwork for the bill’s passage, having been in talks with several Senators.
There is optimism that the Stablecoin bill will become legislation by next year even if Congress doesn’t pass it this year. As CoinGape reported, the next US Congress could be the most pro-crypto ever, which could make the bill and other crypto regulations easily scale through.
Moreover, Donald Trump, who has declared his support for the crypto industry, is currently leading in the US presidential polls. This means the next US administration could take a more friendly approach to crypto. French Hill’s insights come amid Tether CEO Paolo Ardoino’s call for stable crypto regulations in the US.
Process For Firing Gary Gensler
French Hill also provided insights into how Donald Trump could fire US SEC Chair Gary Gensler. The former President promised to do so on day one if elected as the next President. Hill indicated that Trump firing Gensler isn’t straightforward, especially considering that Gensler’s term doesn’t expire until June 2026.
The US Congressman remarked that the courts aren’t clear on how Trump could do this, with the SEC being an independent agency. However, French Hill noted a common practice whereby Presidents, upon their inauguration, write officials like Gensler to consider resigning in place of a new political appointee. In such a situation, Gensler could step down as the SEC Chair but remain in the agency as a Commissioner.
French Hill stated that he doesn’t believe Gensler has done a good job as the SEC chair. He added that he hopes that either Donald Trump or Kamala Harris would replace the SEC Chair with someone who is pro-innovation and uses the agency’s power to offer exemptive reliefs to emerging industries like the crypto industry.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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