Top Republican Rep. French Hill Optimistic About Regulating Stablecoins
Republican Rep. French Hill expressed optimism about the prospects of a bill to regulate stablecoins and another focused on market structure in 2024. He is open to hearing views from top Democrats about illicit finance. Hill leads the House Financial Services Committee’s digital assets focused panel and has worked on legislation with the committee’s chair, Patrick T. McHenry, R-N.C. The committee advanced two bills during the summer that would regulate stablecoins at the federal level and take a comprehensive approach to crypto’s market structure.
Will Illicit Finance Be Addressed?
Concerns over anti-money laundering and alleged terrorist financing involving crypto have been raised by lawmakers and the Biden Administration. Sen. Elizabeth Warren has pushed for a bill that extends Bank Secrecy Act requirements to miners, validators, wallet providers, and others. Senate Banking Committee Chair Sen. Sherrod Brown is also in talks about a bill targeting the use of digital assets for money laundering.
Working Towards Addressing Concerns
Hill and McHenry are working to address concerns about illicit finance that have not yet been dealt with in the existing bills. They are open to constructive suggestions supported by the Treasury, the Biden administration, and other House members.
Hot Take: Regulating Stablecoins Gaining Bipartisan Support
Republican Rep. French Hill’s optimism about regulating stablecoins reflects growing bipartisan support for comprehensive crypto regulation. With concerns over illicit finance and money laundering, lawmakers are actively working towards creating a regulatory framework that addresses these issues while promoting innovation in the crypto industry.
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