US Rep French Hill Provides Timeline For Stablecoin Legislation

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As a seasoned cryptocurrency investor with a keen interest in regulatory developments, I find Congressman French Hill’s optimism about the Stablecoin bill intriguing. With my background in finance and politics, I can appreciate the complexities of legislative processes and understand that the timeline suggested is realistic but not definitive. The key takeaway here is the potential for significant progress in crypto regulation next year, which could pave the way for a more stable and secure investment landscape.

According to U.S. Congressman French Hill, who heads the House’s Subcommittee on Digital Assets, there’s a possible timeline for passing the Stablecoin bill, with a potential approval as soon as the end of this year. Notably, the congressman also shared some details about the steps involved in potentially replacing the Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler.

French Hill Raises Possibility Of Stablecoin Legislation Passing By Year-End

On the Thinking Crypto Podcast, the U.S. Congressman proposed that the Stablecoin bill could potentially be passed by the end of the year within the House of Representatives. He further stated that if it isn’t passed this year, the stablecoin legislation will be a significant focus for his committee as soon as the new year begins.

Regarding when it might occur next year, he clarified that the second quarter (April – June) was a plausible timeline as they would need to resubmit the bill in both the House and Senate due to the change in U.S. Congress members following the November elections.

Consequently, French Hill indicated that the bill’s discussion is expected to happen during the first part of the year, and potentially, it could be approved during the second quarter. Moreover, he disclosed that they have been collaborating with various Senators, preparing for the bill’s approval process.

It’s hoped that the Stablecoin bill may progress to law by next year, even if it doesn’t get passed this year. According to CoinGape’s report, the upcoming US Congress might be the most supportive of cryptocurrency in history. This could potentially facilitate the passage of the bill and other crypto regulations with ease.

Furthermore, Donald Trump, who advocates for the crypto sector, is currently ahead in U.S. presidential elections. Consequently, the upcoming U.S. administration might adopt a more favorable stance towards cryptocurrencies. These observations are shared by French Hill, as Tether CEO Paolo Ardoino recently urged for stable crypto regulations in the United States.

Process For Firing Gary Gensler

French Hill offered perspectives on the potential ways Donald Trump might dismiss the Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. Previously, Trump had pledged to make this move immediately upon his inauguration if elected as the next President. However, Hill pointed out that removing Gensler from his position isn’t a simple matter since Gensler’s term doesn’t conclude until June 2026.

A U.S. Congressman pointed out that it’s unclear from the courts how Trump might carry out this action, given that the SEC is an autonomous body. However, French Hill mentioned a frequent occurrence where newly elected Presidents ask officials like Gensler to consider resigning so they can appoint someone new in their place. In such a circumstance, Gensler could choose to step down as the head of the SEC but continue working within the agency as a Commissioner.

French Hill expressed his doubts about Gensler’s performance as SEC chair, stating he anticipates a change in leadership either by Donald Trump or Kamala Harris. He emphasized his desire for a successor who champions innovation and employs the agency’s authority to grant exemptions for emerging sectors such as cryptocurrency industries.

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2024-10-23 21:04