In the first 100 days, the account of the market structure is on the agenda – representative of French Hill
U.S. Representative Frances Hill recently appeared on CNBC and said that the U.S. desperately needs a crypto market structure bill, which he described as a “top priority” of the Republican Party.
According to Representative Hill, GOP Majority Leader Steve Scalise aims to introduce a comprehensive crypto market structure bill within the first 100 days of the upcoming legislative session. Hill also criticized the regulatory approach under Securities and Exchange Commission Chairman Gary Gensler:
“We don't have traffic laws. Under Chairman Gensler, we only had executive orders. This is not helping America succeed, technological advancement, innovation for Web 3, [or] The use of blockchain in publicly traded companies and financial services.
The passage of the Market Structure Bill will help lift the regulatory uncertainty that has hung over the US crypto industry for years. Proponents of such bills say pro-crypto legislation would pave the way for the U.S. to boost digital asset creation and protect crypto firms from offshoring.
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The US crypto industry is optimistic about the regulatory future.
In November, the victory of the Republican party and Gensler's departure from the SEC, many industry executives are optimistic about the future of digital asset regulations in the US.
In May, Congress passed the Financial Innovation and Technology for the 21st Century Act (FIT21). The draft market structure outlines the overall regulatory framework for digital assets. However, the bill was suspended in the Senate and did not become law.
A brief description of the provisions made in the FIT21 Market Structure Account. Source: Financial Services Committee of the Council
Enshrined in the FIT21 Act was a provision to regulate digital assets under the SEC or the Commodity Futures Trading Commission (CFTC) as a special form of digital asset decentralization.
President-elect Donald Trump is reportedly considering handing over CFTC oversight of crypto during his upcoming term, which would classify most crypto projects as commodities if they meet certain criteria.
Trump nominated pro-crypto Paul Atkins to replace Gensler as SEC chairman and cited Atkins' role as co-chair of the Digital Chamber's Token Alliance as a reason for the nomination.
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