A US lawmaker has brought back the limelight to digital asset regulation in the country after multiple months from 2023, when a few crypto bills were first introduced.
The Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act are back in discussions. In the US, the two crypto bills created headlines recently when Representative French spoke about them. The US lawmaker was confident about the country’s progress in digital asset regulation in 2024.
Hill is also the Chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion. The Foundation for Defense of Democracies (FDD) had conducted an event recently when the lawmaker made his remarks. The digital assets subcommittee head claimed the bills had good working drafts. Meanwhile, he stated he was optimistic about their path ahead during the current year.
The lawmaker stated, “We finished the end of calendar 2023 with what I think is a very good working draft of the fit for purpose regulatory framework bill, and we continue to engage with our colleagues on the other side of the aisle and in the administration and in the regulatory environment — how to craft the best outcome on the stablecoin bill.”
Since the crypto bills did not go ahead in 2023, the digital asset subcommittee chair’s comments may be a breather for the crypto industry. Moreover, French Hill has been a crypto advocate for over a year. In 2023, he publicly pledged support for the crypto space.
After the spot Bitcoin ETF approvals, investor exposure to crypto may have significantly risen. An improving crypto regulatory landscape in the US could also be important in furthering it. The two crypto bills’ discussion in the US Congress would thus be an important event in 2024.
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