Regulation
US Congressman French Hill reiterates Trump’s pro-crypto stance
US lawmaker French Hill noted that Donald Trump would take a more pro-crypto approach than the current administration. As the presidential election approaches, cryptocurrencies have become a topic of concern, with lawmakers making huge statements ahead of the election. Donald Trump has also been cozying up to the industry by making his views in favor of cryptocurrencies.
French Hill Supports Trump’s Pro-Crypto Stance
Republican lawmaker French Hill has explained what kind of crypto regulatory framework Donald Trump could enact in the country. In a recent interview on CNBC, French Hill said that the recently passed FIT21 bill is the type of regulatory framework the Trump administration will enact in the 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
THE FIT21 Bill The bill aims to protect investors and consumers in the market by establishing clear rules and the powers of the various regulators in the sector. According to Hill, Trump will pass it because it directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to the specific regulatory framework needed in the market.
“… for people who are innovating and launching a tokenized cryptocurrency, a related business, the custody of those assets, how do you make sure that consumers are protected, so this framework, I think, is the right approach and that’s what I will recommend to the President for approval, is that we don’t have it passed by the end of this Congress.
He also said Trump would be a pro-growth and financially innovative president.
Cryptocurrency is becoming mainstream
This election cycle saw the crypto industry Cryptoassets have risen to the forefront of mainstream issues following broader adoption across all demographics. From candidates turning enthusiasts to recent pro-legislation in Congress, cryptoassets have become a rallying point for officials. The U.S. regulatory landscape has been criticized for stifling growth due to frequent SEC LawsuitsThis has led leaders to push for pro-crypto laws and raise funds for pro-industry candidates.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.