Republican Rep. French Hill of Arkansas has identified creating a clear market structure for digital assets as one of his top priorities as the newly elected Financial Services Committee chairman.
His Views on Crypto Regulations
Hill stated in an interview with CNBC that the crypto industry does not currently have “rules of the road” and that new laws are necessary. “During the Gensler Presidency, there was only regulation through implementation. “This is not conducive to American success and hinders the technological advancement of web3 and the use of blockchain,” he said.
Gary Gensler, Chairman of the American Securities and Exchange Commission (SEC), announced that he will leave his post in January. During the Gensler term, the SEC initiated high-profile sanctions against leading crypto firms such as Binance, Kraken, Coinbase.
Criticisms of the FDIC
Hill criticized the Federal Deposit Insurance Corporation (FDIC), claiming that it is pushing banks to divest completely from the crypto industry. “The Financial Services Committee will work with President-elect Donald Trump to stop this crackdown and conduct an investigation,” he said in November.
“Under Chairman Gensler, we had just regulation by enforcement. “This is not helping America succeed, not helping technological advancement, innovation for web3, the use of blockchain both in publicly traded companies and in financial services.” –French Hill
“Our Majority Leader Steve Scalise has it on his ‘First 100 Days of the House Agenda’ to move a regulatory structure bill for digital assets.” –French Hill
Hill has an “A” rating from Stand With Crypto and is known as a supporter of crypto assets. The new regulations are expected to contribute to the crypto industry achieving a healthier and more transparent structure.
The Financial Services Committee’s regulation of digital assets can reduce uncertainties in the sector and increase investor confidence. These steps may pave the way for the crypto market to grow more effectively and regularly in America.
The decisions taken by the committee may also have an impact on the global crypto market. Clear regulations could encourage international collaborations and increase the competitiveness of American crypto companies on the international stage.
Under Hill’s leadership, the steps the Financial Services Committee will take regarding digital assets are expected to be an important turning point in the industry. Successful implementation of regulations can contribute to the sustainable growth of the crypto ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
