Rep. French Hill says establishing a clear market structure for digital assets is one of his top three priorities as newly elected chairman of the House Financial Services Committee.
Hill (R-Arkansas), a strong supporter of the crypto industry, secured the presidency earlier this week, succeeding outgoing GOP lawmaker Patrick McHenry (R-North Carolina).
The Arkansas lawmaker told CNBC in a new interview that crypto currently has no “rules of the road” and needs new legislation.
“Under Chairman Gensler, we only had regulation by application. This does not help America succeed, nor does technological progress, innovation for web3, the use of blockchain in both publicly traded companies and financial services.
So that’s our top priority, and our Majority Leader Steve Scalise said so in his “First 100 Days in the House (Agenda)”: to propose a bill on the regulatory structure of digital assets.
The Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, announced that he will leave his post in January. Under Gensler’s leadership, the securities watchdog has launched high-profile enforcement actions against numerous crypto companies, including industry giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.
Hill has an “A” rating from Stand With Crypto, a digital asset advocacy group backed by leading U.S. crypto exchange Coinbase.
The Arkansas lawmaker criticized the Federal Deposit Insurance Corporation (FDIC) for allegedly “pressuring banks to cut ties with entire industries like crypto.”
Hill promised in November that the House Financial Services Committee would work with President-elect Donald Trump to end this pressure and investigate.
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