As an analyst with a decade-long career in financial markets and a keen interest in emerging technologies, I find Representative French Hill’s insights on the future of cryptocurrencies and digital assets both enlightening and reassuring. His extensive experience in politics, coupled with his deep understanding of the digital asset space, offers a unique perspective that could significantly contribute to shaping the regulatory landscape.
During a discussion on the Think Crypto Podcast, U.S. Representative French Hill shared his aspiration for fresh management at the Securities and Exchange Commission (SEC) by 2025, underscoring the need for advancement in the field of digital assets.
Speaking frankly, Hill, who has been an ardent supporter of cryptocurrencies, expressed his view that there could be substantial changes in regulation, irrespective of who wins the upcoming U.S. presidential race between Donald Trump and Kamala Harris.
FIT 21 Bill’s Prospects Amid Growing Bipartisan Support
At the interview, Hill initially discussed the potential approval of the FIT 21 Bill, a proposal designed to create a broad regulatory structure for digital assets within the United States.
As the Republican conceded that legislative proceedings can be unforeseeable, Hill pointed out an increasing agreement among parties in Congress, potentially creating a more advantageous atmosphere for the expansion of cryptocurrencies.
Hill further emphasized Trump’s support for digital currencies, mentioning his attendance at the 2024 Bitcoin National Convention held in Nashville.
As per Hill’s statement, this pledge seems to have motivated the Harris campaign to increase their interaction with Democrats who support technological progress. This could lead to significant strides in legislative developments, such as the FIT 21 Bill.
If the FIT 21 Bill doesn’t get passed by the end of this year, Hill remains hopeful about proposing pro-crypto legislation as early as 2025. He believes there will be a major change in the House due to over 60 new members expected after the November elections, implying that the foundations laid by crypto supporters and legislators over the past four years could finally yield results.
Rep. Hill Identifies Promising Pro-Crypto Candidate For SEC
Additionally, Hill touched upon the idea of Bitcoin serving as a U.S. reserve asset, an idea endorsed by Trump and Senator Cynthia Lummis, aimed at tackling the country’s staggering debt, now amounting to an astounding $35 trillion.
Although the Representative admitted that the feasibility of this proposal is still questionable, Hill endorsed Trump’s suggestion for the U.S. Treasury to keep its Bitcoin assets, a large portion of which originated from the confiscation of the Silk Road marketplace.
In response to speculation about Trump dismissing SEC Chair Gary Gensler upon his hypothetical return to the White House, Hill made it clear that the SEC operates independently and Gensler’s term runs until 2026. Nevertheless, he pointed out that it is typical for new presidents to ask cabinet members to step down.
As an analyst, I’ve been critical of Gary Gensler’s tenure, specifically his handling of cryptocurrencies over the past years. In my opinion, it would be beneficial for a future administration to consider appointing a leader who aligns more closely with progressive innovation policies in 2025.
It’s worth mentioning that the Republican leader endorsed Commissioner Hester Peirce, who is often referred to as “Crypto Mom” in the industry, as a potential fit for the position of SEC Chair. Hill expressed his belief that she would excel in this role, stating that she would do an exceptional job as SEC Chair.
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2024-10-25 18:56