New Committee Chair Will Push Crypto Market Structure Bill In First 100 Days

Key Points:

• French Hill, the new chair of the House Financial Services Committee, plans to prioritize cryptocurrency regulations.
• The new Committee Chair criticized the SEC’s enforcement-led approach and aimed to establish clear rules to foster U.S. leadership in blockchain.

Newly elected House Financial Services Committee Chair Congressman French Hill has vowed to take the bull by the horns in developing regulations regarding cryptocurrencies and restoring vibrancy in the public markets.

Read more: Crypto Advocate Congressman French Hill Will Be the New Chair of the Financial Services 

New Committee Chair Pledges New Cryptocurrency Regulatory Push

The new Committee Chair reiterated, in an interview recently with CNBC, the immediacy with which the murkiness in regulation was stultifying innovation across the US digital assets economy.

Hill previously oversaw the committee’s digital asset-focused panel and has become one of the most vocal supporters of clear rules for the emerging cryptocurrency markets. He vowed to make a market structure for digital assets and to take up stablecoin regulation, which he hopes to prioritize in the first 100 days of the next congressional session.

“We don’t have rules of the road,” Hill said, lashing out at the SEC approach under Chairman Gary Gensler. He referred to the regulation by enforcement as antithetical to technological advances and U.S. leadership in the innovation of Web3 and blockchain.

Industry and Lawmakers Rally Behind Hill’s Call for Clarity on Digital Assets

House Majority Leader Steve Scalise has also expressed his priorities, citing plans to push for a comprehensive regulatory framework for digital assets. Scalise shares the same vision as Hill’s objectives: to give businesses and investors clarity and confidence.

Hill’s agenda follows up on efforts such as the Financial Innovation and Technology for the 21st Century Act, or FIT 21, from outgoing committee chair Patrick McHenry. The bill has not moved beyond the Senate, but the new Committee Chair is eager to push it forward, seeing the legislation as key to promoting innovation while protecting consumers.

Industry leaders, including the DeFi Education Fund, have embraced Hill’s leadership. The group, in a statement, praised his commitment to regulatory clarity and support for the rights of developers and users in decentralized finance.