Congressman French Hill (R-AR) is “optimistic” that U.S. lawmakers may pass crucial crypto legislation, including the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Clarity for Payment Stablecoins Act, during their upcoming lame-duck session.
Rep. French Hill Discusses Stablecoin Bill, FIT21
According to the Arkansian lawmaker, Congress will “need to see in this lame duck what’s in the realm of possibility” following the U.S. 2024 presidential election and before the start of a new Congressional period.
“I’m still optimistic that FIT21, which is the regulatory framework bill, and the stablecoin bill have possible consideration in the lame duck,” Hill said.
The stablecoin bill sponsored by Rep. Patrick McHenry (R-NC), which Hill most recently supported, would implement regulatory guidelines on pegged digital assets.
FIT21 notably passed through the U.S. House of Representatives with strong bipartisan support this past May, though its traction has since stalled in the Senate.
“As FTX’s collapse showed, we need a functional regulatory framework in place to create consumer protections that currently do not exist, while ensuring America is a leader in the digital asset market,” Hill said in a statement following its passage. “This legislation passed in a bipartisan manner, signaling that consumer protection and American innovation are priorities for lawmakers on both sides of the aisle.”
The Biden administration has further expressed its opposition to the bill, stating in a May 2022 statement that it lacks “sufficient protections for consumers and investors who engage in certain digital asset transactions.”
Could A New President Energize Crypto Legislation?
However, a new president in the White House may help usher in new crypto legislation, with Donald Trump and Kamala Harris expressing their support for the digital asset sector in recent weeks.
While Harris has not provided details on her proposed crypto policy, Trump has touted the idea of firing United States Securities and Exchange Commission (SEC) Chair Gary Gensler should he win this November.
“We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry,” Trump told attendees of the Bitcoin 2024 Conference.
“Americans deserve clarity and a regulatory framework for payment stablecoins, and @realDonaldTrump understands this,” Hill said in a recent X post. “We have a good #stablecoin bill to deliver that clarity.”
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