Regulation
Trump May Pass FIT21 Bill to Regulate Cryptocurrencies, Rep. Hill Says
U.S. Representative French Hill, in a recent interview on CNBC, suggests that the Donald Trump administration would adopt the recently passed FIT21 bill to create clear rules for digital asset management and consumer protection.
The suggestion comes as former U.S. President Donald Trump and Republican lawmakers supporting him advocate for a more crypto-friendly regulatory environment ahead of the upcoming U.S. presidential election.
Hill said the possibility of a Trump presidency passing the bill to foster innovation and consumer protection is well established. Such regulatory clarity is seen as crucial to maintaining U.S. competitiveness in the booming digital asset sector.
#FIT21 This bill, which passed the House of Representatives with 71 Democratic votes, is exactly the type of regulatory framework for digital assets that former President Trump would support if re-elected.
Watch more on @SquawkCNBC🔽 pic.twitter.com/ceTmU4LApU
— French Hill (@RepFrenchHill) July 3, 2024
However, in a recent report, Donald Trump made statements supporting Bitcoin, suggesting that the United States should capitalize on producing the cryptocurrency domestically to counter foreign economic influences.
These comments are in line with the views of other political leaders, including Vivek Ramaswamy and Senator Cynthia Lummis, who are calling for the integration of bitcoin into the national financial plan to strengthen America’s monetary assets.
Senator Cynthia Lummis, also known as the “Queen of Cryptocurrencies,” has spoken out in favor of integrating bitcoin into the American financial portfolio. According to her, bitcoin represents a solid store of value that could improve the strategic diversity of the country’s reserves.
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