US Representative French Hill Optimistic About Crypto Bills
During a panel discussion at the Foundation for Defense of Democracies (FDD) event, US Representative French Hill shared positive updates about the progress of two significant crypto-related bills. Hill, who chairs the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, expressed optimism about the advancement of legislation concerning stablecoins and the broader regulatory framework for cryptocurrencies. He mentioned that two bills, the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act, had progressed out of the House Financial Services Committee in July 2023. Hill expressed confidence in the bipartisan support and administrative collaboration behind the bills.
Promising Progress for Stablecoin Regulation
The Clarity for Payment Stablecoins Act aims to establish a clear regulatory framework for stablecoins. Hill highlighted the completion of a “very good working draft” of the regulatory framework bill as a significant milestone. He emphasized the strategic importance of a well-regulated dollar-based stablecoin for the US dollar’s role in international trade.
Hope for a Comprehensive Regulatory Framework
The Financial Innovation and Technology for the 21st Century Act seeks to address the broader market structure of cryptocurrencies. Hill expressed his optimism about the bill’s progress and reiterated his belief that it will come to fruition in 2024. He mentioned that every meeting he has attended regarding the bills has been encouraging.
Challenges and Opportunities in 2024
Looking ahead, 2024 will be a critical year for these legislative efforts, especially with the upcoming elections. The House Financial Services Committee may undergo significant leadership changes as all 435 seats in the House of Representatives are up for contention. Additionally, the presumptive Republican candidate for U.S. president, Donald Trump, has expressed opposition to the introduction of a central bank digital currency in the United States, echoing some of Hill’s concerns about unregulated CBDCs issued by foreign entities.
Hot Take: Positive Outlook for Crypto Bills
US Representative French Hill’s update on the progress of the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act at the FDD event provides a positive outlook for the future of crypto-related legislation. Hill’s optimism, bipartisan support, and administrative collaboration indicate a promising trajectory for these bills. As 2024 approaches, critical decisions will be made, and the upcoming elections may introduce new leadership in key committees. With the support of legislators like Hill and potential regulatory frameworks, stablecoins and the broader market structure of cryptocurrencies may see positive developments in the coming year.
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