Rep. French Hill Optimistic About Crypto Legislation
Rep. French Hill expressed hope that a crypto market structure bill and a stablecoin regulation bill might be considered before year-end, during a virtual session at the 8th Annual Washington DC Fintech Week.
Hill mentioned that the "lame duck" period, following the November election, will influence legislative priorities. The future of these bills is also tied to end-of-year legislation, particularly the National Defense Authorization Act (NDAA).
The U.S. House passed the FIT 21 crypto market structure bill in May, which would give the Commodity Futures Trading Commission oversight of digital commodities, while the Securities and Exchange Commission would oversee digital assets linked to investment contracts.
Progress on Stablecoin Legislation
A stablecoin bill is also in progress, led by Financial Services Committee Chair Patrick McHenry and top Democrat Maxine Waters. Previously, this legislation faced criticism from Waters due to a problematic provision that permits state regulators to approve issuances without Federal Reserve input.
Hill, who heads the subcommittee on digital assets, aims for leadership of the full Financial Services Committee if Republicans retain control next year. McHenry, who is retiring soon, is optimistic about the FIT 21 bill's prospects as well.
Looking Ahead
If these measures do not pass this year, Hill assures they will be a "top priority" for the next year. However, investment bank TD Cowen has noted the challenges due to competing legislative demands, including government funding and the NDAA.
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