GOP Majority Leader to Push For Crypto Market Bill in First 100 Days, Says Rep. Hill

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Hill emphasized the urgent need for regulatory clarity in the U.S. crypto market, calling it a “top priority” for the GOP. Last updated:

December 14, 2024 05:42 EST

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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Last updated:

December 14, 2024 05:42 EST

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The Republican Party is preparing to introduce a comprehensive crypto market structure bill within the first 100 days of the upcoming legislative session, according to Representative French Hill.

Speaking on CNBC, Hill emphasized the urgent need for regulatory clarity in the U.S. crypto market, calling it a “top priority” for the GOP.

Hill revealed that GOP Majority Leader Steve Scalise is leading the charge on the legislation, which aims to establish clear guidelines for the digital asset industry.

Hill Slams Current Regulatory Approach

Hill criticized the current regulatory approach 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,” he said.

“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.”

A formal market structure bill is seen as a potential game-changer for the U.S. crypto sector, which has long faced uncertainty due to a fragmented regulatory landscape.

Proponents believe the bill could position the U.S. as a global hub for digital asset innovation and reduce the risk of crypto firms relocating to more favorable jurisdictions.

Momentum for pro-crypto legislation has grown following the GOP’s strong performance in the November elections.

Industry insiders are also optimistic due to the anticipated resignation of Gensler from the SEC, a move that could open the door to a more industry-friendly regulatory environment.

After winning the House Financial Services Committee chairman position yesterday, @RepFrenchHill talks crypto, fintech and his top priorities for the new Congress:

— Squawk Box (@SquawkCNBC) December 13, 2024

Earlier this year, Congress passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which proposed a regulatory framework for digital assets. However, the bill failed to clear the Senate.

FIT21 sought to classify digital assets under the oversight of either the SEC or the Commodity Futures Trading Commission (CFTC) based on their level of decentralization.

Adding to the industry’s optimism, President-elect Donald Trump is reportedly considering shifting crypto oversight to the CFTC, which could classify most digital assets as commodities if they meet certain criteria.

Trump has also nominated pro-crypto advocate Paul Atkins as the next SEC Chair, citing Atkins’ role as co-chair of the Digital Chamber’s Token Alliance as a key reason for the appointment.

US Crypto Owners Expect Less Regulation

Cryptocurrency enforcement in the United States may ease under the upcoming administration of Republican President-elect Donald Trump, with regulatory priorities expected to shift.

Speaking at a legal conference in New York, current and former senior government lawyers indicated that while financial fraud cases will still be pursued, the Justice Department’s focus will likely move toward immigration enforcement, a key campaign promise of Trump.

Scott Hartman, co-chief of the securities and commodities task force at the U.S. Attorney’s Office in Manhattan, revealed that fewer resources will be allocated to policing cryptocurrency crimes.

As of late, the SEC has been facing growing criticism due to its “regulation-by-enforcement” approach to the crypto industry.

Critics argue that the SEC has failed to establish a clear regulatory framework for cryptocurrencies, opting instead to pursue legal action against key industry players.

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