Rep. French Hill, the newly elected chair of the House Financial Services Committee, has made clear crypto regulation a top priority. Hill, a Republican from Arkansas and a known crypto supporter, wants to establish clear rules for the digital asset market.
A Need for Clear “Rules of the Road”
Hill believes the current lack of clear regulations is hindering American success and innovation in the crypto space. He criticized the previous administration’s approach, which he described as “regulation by enforcement,” stating that this approach isn’t conducive to technological advancement. He’s pushing for new legislation to create a defined regulatory framework. This is a key initiative for the House leadership, included in their “First 100 Days” agenda.
Shifting Regulatory Landscape
This push for clearer rules comes after the departure of SEC Chair Gary Gensler. Gensler’s tenure saw numerous enforcement actions against major crypto firms, including Binance, Kraken, Coinbase, Ripple, Uniswap, and Consensys.
Hill’s Stance and Future Plans
Hill has a strong pro-crypto stance, earning an “A” rating from Stand With Crypto, a Coinbase-backed advocacy group. He’s also been critical of the FDIC for allegedly pressuring banks to cut ties with the crypto industry. He’s promised to investigate these claims and work towards reversing this pressure.
