United States Representative French Hill recently highlighted the need for a clear regulatory framework for the cryptocurrency market in an appearance on CNBC.
French Hill currently runs the House Financial Services Subcommittee on Digital Assets. He emphasized that establishing a crypto market structure bill is a priority for the Republican Party.
French Hill: “We Don’t Have Rules”
According to Hill, Republican House Majority Leader Steve Scalise is committed to introducing a comprehensive bill within the first 100 days of the upcoming legislative session. This comes due to a growing concern over the current regulatory landscape, which Hill criticized for relying heavily on enforcement actions under Securities and Exchange Commission (SEC) Chair Gary Gensler.
We don’t have rules of the road. Under Chairman Gensler, we had just regulation by enforcement. This is not helping America succeed, not helping technological advance, innovation for Web3, [or] the use of blockchain both in publicly traded companies and in financial services.
According to French Hill, the proposed market structure bill addresses these concerns by providing a clear framework for companies and investors, potentially strengthening the U.S.’s position as a leader in blockchain and digital assets. As the new legislative session approaches, the crypto industry and policymakers alike will closely watch the development of this initiative.
It’s not hard to think that clearer regulations would reduce uncertainty in the U.S. crypto industry, which has long struggled with challenges due to a lack of consistent rules. Therefore, a more structured approach could encourage crypto projects and investors to invest in digital asset innovation, support Web3 development, and prevent cryptocurrency firms from moving their operations offshore.
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There’s a strong sentiment gripping the crypto sector as many market observers believe the upcoming Trump administration would benefit the industry in several ways. For instance, the first thing is the new SEC chair, which Trump has already tapped pro-crypto businessman Paul Atkins.
