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Rep. Hill sees uncertain progress for crypto bills in Congress

Rep. Hill sees uncertain progress for crypto bills in Congress

GrafaGrafa2024/10/23 08:05
By:Isaac Francis

United States Representative French Hill expressed cautious optimism that two significant cryptocurrency bills could see progress in the current Congress before it ends. 

Speaking at DC Fintech Week on October 22, Hill, chair of the House digital assets subcommittee, stated, “I’m still optimistic that FIT21, which is the regulatory framework bill, and the stablecoin bill have possible consideration in the lame duck.”

A “lame-duck” session refers to the period after elections but before the newly elected Congress begins. 

With the November 5 elections approaching and the new Congress starting in January, the window for legislative action is limited. 

Hill emphasised that the potential for progress depends on various factors, including the outcome of the presidential and congressional elections.

The crypto industry has closely monitored two key bills. 

One would hand greater regulatory control to the Commodity Futures Trading Commission (CFTC), considered a more favorable regulator for the sector. 

The other would establish a regulatory framework for stablecoins, which are currently managed by state-level laws. 

While the House passed the Financial Innovation and Technology for the 21st Century Act (FIT21) in May, it remains stalled in the Senate Banking Committee. 

Similarly, a House-passed stablecoin bill, led by Patrick McHenry, has faced delays.

Hill noted that any movement on these bills is contingent on other priorities, such as passing the National Defense Authorization Act (NDAA). 

He suggested that it presents “an interesting opportunity for Chairman McHenry to consider the possibility of a financial services priority attached to the NDAA.”

If the current Congress fails to pass the crypto bills, Hill emphasised they would remain a “top priority going into the 119th Congress.” 

CFTC Chair Rostin Behnam echoed the sentiment, acknowledging that the agency faces challenges due to stalled regulatory discussions but expressed hope for progress under a new administration.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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