French Hill Plans to Pass Crypto Regulation in Early 2024
Representative French Hill, vice-chairman of the House Financial Services Committee, revealed the committee’s intentions to regulate the crypto industry in the coming year. Hill announced that they aim to pass two bills: one focused on stablecoins and the other on crypto oversight, providing regulatory tools to the SEC and CFTC to effectively oversee the market.
Criticism Towards the SEC
Hill criticized the SEC’s lack of action in the FTX case and accused SEC Chair Gary Gensler of failing to work with Congress to establish a legislative framework. Hill expressed the belief that existing laws are insufficient to regulate the crypto ecosystem and that Gensler’s approach has been unsuccessful.
Furthermore, Hill explained that passing these bills would grant the CFTC regulatory oversight over the spot Bitcoin market, potentially benefiting both institutional and individual investors.
Integration with NDAA
House Financial Services Committee Chair Patrick McHenry is exploring the possibility of including these bills in the National Defense Authorization Act. If this isn’t achievable, the committee plans to bring them to the floor before the end of the year.
Hot Take: French Hill Takes Initiative to Regulate Crypto
Representative French Hill is leading the charge in crypto regulation by introducing two bills aimed at providing regulatory tools to the SEC and CFTC. Hill acknowledges the need for a fit-for-purpose regulatory framework and criticizes the SEC’s inaction and lack of collaboration with Congress. By taking swift action, Hill aims to give the CFTC oversight over the spot Bitcoin market and create a conducive environment for institutional and individual investors. With the possibility of integrating these bills into the National Defense Authorization Act, the regulation of the crypto industry could be imminent.
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