Rep. French Hill, the next chairman of the House Financial Services Committee, has foreshadowed the crypto policy issues to focus on under the next U.S. administration.
Pro-crypto Republican U.S. Rep. French Hill will steer House committee toward easing banking regulations, standardizing crypto market structure, and improving capital formation to incentivize more companies to go public.
Rep. Hill shared these ideas during an interview with CNBC just hours after beating his Republican colleagues in a race to become the next chairman of the House Financial Services Committee.
The Committee came out in favor of regulating digital assets, emphasizing the need to remove any political ambiguity and introduce clear rules. Under outgoing Chairman Rep. Patrick McHenry, the committee pushed through proposals such as the Financial Innovation and Technology for the 21st Century Act.
FIT 21, supported by both parties, would clarify crypto frameworks and hand most oversight of digital assets to the less-funded Commodity Futures Trading Commission. FIT 21 was subject to senators’ increases, and debate over the merits of the bill still abounds.
Hill also commented on calls for a national strategic reserve of Bitcoin (BTC). The drumbeat for a BTC stock has intensified in the Senate and across state chambers.
Texas has introduced legislation on Dex. 12 for this purpose, while jurisdictions like Alabama and Pennsylvania may soon produce Bitcoin reserve proposals.
Despite the excitement surrounding the idea nationally, Rep. Hill reportedly said he was unsure whether the United States should create a Bitcoin reserve. Hill’s doubts contrasted with promises from President-elect Donald Trump and the BITCOIN bill filed by Wyoming Sen. Cynthia Lummis.
