French Hill Backs Trump’s Stance on Cryptocurrency Regulation
Joining the wave of changing sentiments towards cryptocurrencies led by former President Donald Trump, Congressman and Arkansas Digital Asset Subcommittee chairman French Hill of the United States has thrown his weight behind the FIT21 bill as a regulatory framework that Trump would likely support if reelected.
FIT21 Bill: A Step Towards Balanced Crypto Regulation
During an interview on CBNC SquawkBox, French Hill, a vocal advocate of digital asset innovation, emphasized that the Financial Innovation and Technology for the 21st Century Act (FIT21) represents a balanced approach to regulating cryptocurrencies, aligning with Trump’s recent favorable stance on the industry.
- The FIT21 bill was introduced in May and garnered approval from a majority of US House of Representatives members.
- 139 members opposed the bill, while 279 members voted in favor of it.
- 71 Democratic votes and 208 Republican votes contributed to the passage of the bill.
Hill expressed confidence in the FIT21 act, stating that it mirrors the regulatory framework for digital assets that Trump would endorse if he returned to the White House for a second term.
Paving the Way for Regulatory Clarity in the Crypto Industry
With the FIT21 act granting joint regulatory authority to the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the cryptocurrency sector, Hill believes this move will guide both agencies in establishing the necessary regulatory framework for the industry to flourish.
He highlighted that if the act had not been approved by the current congress, he would recommend it to the president for his approval, emphasizing its significance in supporting innovation, ensuring consumer protection, and facilitating the growth of crypto-related businesses.
Advocating for Modern Financial Structures
French Hill’s endorsement coincides with Trump’s potential reelection bid gaining momentum and the increasing relevance of his views on digital assets.
- Trump, who previously expressed skepticism about cryptocurrencies, has recently embraced a more optimistic stance.
- He acknowledges the potential of digital assets in driving innovation and economic growth.
- Supporting Trump’s crypto-friendly policies, Hill positions himself and the broader Republican agenda as proponents of a modern financial system that embraces technological progress.
Considering the evolving landscape of cryptocurrencies and the escalating global competition, Hill’s support for the FIT21 bill carries significant weight in shaping the regulatory environment for digital assets in the United States.
Hot Take: Cryptocurrency Regulation in Sync with Trump’s Views
In alignment with the evolving perspectives on cryptocurrencies, Congressman French Hill aligns with former President Trump’s favorable stance on digital assets, backing the FIT21 bill as a potential regulatory framework that could garner Trump’s support if he were to secure another term in office.
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