Chairman of Digital Assets Subcommittee hopes to see crypto accounts ‘fruitful’ by 2024
US Representative Frances Hill, chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, briefed the public on how lawmakers plan to move forward with crypto-related legislation in 2024.
Speaking at an event hosted by the Foundation for the Defense of Democracies (FDD) on January 29, Representative Hill pointed out two bills in the US House of Representatives focused on stablecoins and the regulatory framework for cryptocurrencies, and “most recently in 2018 A good working draft by the end of 2023. The subcommittee chairman said he hoped both bills would be “on the same track.”
“I'm still hoping you'll see those bills implemented 24 hours a day,” Hill said. I really enjoyed all the meetings I went to.
There has been little movement on digital asset-focused bills since the US Congress resumes in 2024. The House Financial Services Committee has set the stage for 21st Century Financial Innovation and Technology and Payments Transparency in July 2023. For the bills to go to the House floor for a full vote.
According to Rep. Hill, a “well-regulated, well-thought-out” payment stablecoin could be good for the US dollar and international trade. However, he said the United States could act to “preserve the importance of the dollar” with a dollar-based stablecoin, noting that it would necessarily be a non-backed central bank digital currency (CBCC) issued by a foreign government.
Related: Stablecoin bill is a ‘no-brainer' – US law enforcement director
In 2025, the leadership of the Digital Assets Subcommittee, the House Financial Services Committee and the US House of Representatives could change hands. All 435 seats will be contested by the Democratic and Republican parties in the 2024 elections. Patrick McHenry, chairman of the House Financial Services Committee, said he had no plans to seek re-election in December 2023.
Residents of the United States may see an increase in campaign rhetoric as the 2024 election season intensifies. Donald Trump, the candidate of the Republican Party for the presidency of the United States, said that if he is re-elected, he will “never allow” the “CBC” in the country. Trump is currently facing 91 criminal charges related to his alleged role in trying to overturn the results of the 2020 election.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
