Rep. French Hill has recently taken over as the House Financial Services Committee chairman, and he has identified establishing a clear market structure for digital assets as one of his top priorities. Hill, a strong advocate for the crypto sector, believes that the current lack of regulation in the crypto space is hindering technological advancement and innovation.
In a recent interview with CNBC, Hill expressed his concerns about the absence of clear guidelines for digital assets and emphasized the need for new legislation in this area. He criticized the previous regulatory approach under Chairman Gensler, describing it as “regulation by enforcement” and stating that it is not conducive to America’s success in the digital asset space.
Hill’s focus on regulatory structure for digital assets aligns with the priorities of Majority Leader Steve Scalise, who has included it in the ‘First 100 Days of the House Agenda’. The goal is to move forward with a bill that will provide a clear regulatory framework for digital assets, addressing the current regulatory uncertainty in the crypto sector.
The departure of SEC Chair Gary Gensler in January has created an opportunity for a new approach to crypto regulation. Under Gensler’s leadership, the SEC pursued enforcement actions against several prominent crypto firms, creating uncertainty and confusion in the industry. Hill’s commitment to establishing clear rules for digital assets is a step towards creating a more stable and predictable regulatory environment for crypto businesses.
Hill has received an “A” rating from Stand With Crypto, a digital asset advocacy group supported by leading US crypto exchange Coinbase. He has also been critical of the Federal Deposit Insurance Corporation (FDIC) for pressuring banks to cut ties with industries like crypto. Hill has promised to work with President-elect Donald Trump to address this issue and conduct an investigation into the FDIC’s actions.
In conclusion, Rep. French Hill’s focus on establishing a clear market structure for digital assets is a positive step towards creating a more transparent and supportive regulatory environment for the crypto sector. By prioritizing legislation that provides clear guidelines for digital assets, Hill is aiming to promote technological innovation and growth in the digital asset space.