U.S. House Representative and Financial Services Subcommittee on Digital Assets Chair French Hill (R-AR) has voiced optimism about the progress of cryptocurrency legislation in 2024.
During an event hosted by the Foundation for Defense of Democracies on Jan. 29, Hill discussed the crypto legislation in the United States in the upcoming year, especially regarding the status of stablecoins and regulations.
Bipartisan Support for Crypto Legislation
“I still am optimistic that you’ll see those bills come to fruition during 2024,” said Hill.
“I’ve been very pleased with every meeting I’ve been in, both bipartisan as well as in the administration on those.”
“But there’s a timing issue, and you know, timing is everything in politics,” said Hill. “But when you have so many things on our plate, we’re all navigating that.”
The Subcommittee passed two key bills in 2023, the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. The House of Representatives will decide on the two crypto bills and potentially further establish a more comprehensive crypto regulatory landscape.
CBDC Could Be the “Right Direction”: French Hill
Central bank digital currencies (CBDC) were also included in the panel, as Hill highlighted the importance of maintaining the special position U.S. dollar holds in the world.
“I think a payment stablecoin converting fiat U.S. dollars that is well regulated, well considered with a fine repulation, excellent transparency… will be the buyer of the margin of the short-term treasury bills, that’s good for the dollar,” explained Hill.
“I don’t recommend that as a business strategy, I don’t think realistic people at the consumer level or institutional level will either,” said Hill.
“That doesn’t mean though we don’t need to be doing things that preserve the importance of dollar as the reserve of the world.”
According to Hill, if the United States could maintain a “right regulatory system” and an open capital market, the USD-based stablecoin would presumably be the “right direction” in a long term.
However, Hill also stated that the primary task of the Subcommittee remains providing the right means for the tech innovations within the regulatory environment instead of leading it.
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