French Hill has announced plans for tackling crypto regulations to reignite the market and revive public growth.
Hill stressed in a CNBC interview on December 13 the need to eliminate regulatory confusion, which had slowed down the growth of digital asset. In a CNBC interview on Dec. 13, Hill emphasized the need to end regulatory confusion that has hindered digital assets’ growth.
He emphasized the importance of regulatory clarity for the industry, stating:
“We need a market structure for crypto… That is a top priority for us.”
Hill’s agenda includes simplifying market oversight, reducing banking restrictions, and incentivizing companies to pursue initial public offerings (IPOs).
Clarity in Regulation
US crypto, worth over $1 trillion dollars, has been plagued by regulatory uncertainty for years. This has led to businesses being unsure about compliance and investors feeling hesitant.
Hill intends to respond by standardizing the rules for digital assets and simplifying oversight. He will also create a framework which encourages innovation, without jeopardizing consumer protection. The Financial Innovation and Technology for the 21st Century Act was introduced by the outgoing Chair Patrick McHenry.
FIT 21 has been stalled in the Senate due to debates about its funding, and possible impact on market stability. Hill has pledged to prioritise the bill and stressed its importance to provide clarity for businesses and investors to flourish.
Bitcoin Reserve
Hill spoke about the growing popularity of state-led Bitcoin initiatives, such as in Texas and Wyoming.
Senator Cynthia Lummis championed federal legislative action on this issue while Donald Trump, the President-elect has shown strong support. However, Hill voiced caution, citing concerns about volatility and federal overreach.
He said:
“I’d have to think long and hard about what the value of that [Bitcoin reserve] is for the US and the Treasury.”
Hill is preparing to take the lead of the Committee. His approach on crypto, banking reform and capital formation, will most likely influence key economic policy, making sure the US remains competitive as the financial landscape rapidly changes.
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