Representative French Hill says establishing a clear market structure for digital assets is one of his three top priorities as chairman of the newly elected House Financial Services Committee.
Hill (R-Arkansas), a staunch supporter of the crypto sector, secured the chairmanship earlier this week, taking over from retiring fellow GOP lawmaker Patrick McHenry (R-North Carolina).
The Arkansas lawmaker tells 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 through enforcement. This does not contribute to America’s success, it does not help the technological advancements, the innovation for web3 and the use of blockchain both in publicly traded companies and in the financial services industry.
So that’s the top priority for us, and our Majority Leader Steve Scalise mentioned it in his First 100 Days of the House of Representatives. [Agenda]’ is to submit a bill on the regulatory structure for digital assets.’
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), announced that he will leave his position in January. Under Gensler’s leadership, the securities watchdog launched high-profile enforcement actions against many 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 US crypto exchange Coinbase.
The Arkansas lawmaker has criticized the Federal Deposit Insurance Corporation (FDIC) for allegedly “pressuring banks to cut ties with entire industries like crypto.”
Hill pledged in November that the House Financial Services Committee would work with President-elect Donald Trump to halt that pressure and conduct an investigation.
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