U.S. Representative French Hill, as Chairman of the Digital Assets Subcommittee, offered a timeline that Stablecoin legislation could be passed by the end of the year. He also shared his views on the impeachment process of US Securities and Exchange Commission (SEC) Chairman Gary Gensler. So, what are the latest details about cryptocurrency legislation?
Adoption Process of Stablecoin Law
French Hill stated in the Thinking Crypto Podcast that the US House of Representatives could pass the Stablecoin law by the end of the year. He stated that if they do not accept the law this year, his committee will consider this law as a top priority in the new year.
He added that they will need to reintroduce the legislation in the new year because new congressmen are elected in the House and Senate. He stated that after the bill is read in the Parliament in the first quarter, it will be possible to adopt it in the second quarter.
Gensler’s Tenure
Hill also gave information about how Donald Trump could dismiss SEC Chairman Gary Gensler. He emphasized that Gensler’s duty will continue until 2026 and that this process is not easy.
“It is not clear whether Trump should fire Gensler. Since the SEC is an independent institution, even the courts are uncertain about this issue.” – Hill
However, Trump may go to Gensler with a request to resign.
“I believe Gensler has not done a good job as SEC chairman and hope to be replaced by someone innovative.” -Hill
Hill said that Trump or Kamala Harris want to replace the SEC Chairman with a name that is open to innovation and can support new sectors such as crypto.
Crypto Regulations
The next US Congress is expected to give much more support to crypto. Crypto PACs took an active role in this election, and politicians, regardless of party, did not dare to make hostile statements about cryptocurrencies. For this reason, it is predicted that the Stablecoin law and other crypto regulations can be easily adopted. Additionally, Donald Trump’s open support for the crypto industry may contribute to the new administration taking a friendly approach to crypto.
Tether CEO Paolo Ardoino’s call for stablecoin crypto regulations in the USA is also among the supporting elements of this process.
This information shared by French Hill offers important clues about the future of cryptocurrency and digital asset regulations in the USA.
French Hill detailed both the process of passing the Stablecoin law and the possibilities for replacing the SEC chairman. These developments are critical for regulating and supporting the crypto industry.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
