Regulation
US lawmaker supports Trump’s stance on digital currency expansion
In striking agreement with former President Donald Trump’s evolving views on cryptocurrencies, U.S. Congressman and Chairman of the Arkansas Digital Assets Subcommittee French Hill has firmly supported the FIT21 bill as the type of regulatory framework Trump would likely approve if re-elected.
French Hill Doubles Down on Trump’s Crypto Approach
In an interview on CBNC SquawkBox on Wednesday, French Hill, a well-known proponent of digital asset innovation, noted that the Financial Innovation and Technology for the 21st Century Act (FIT21) reflects a balanced approach to cryptocurrency regulation, which is in line with Donald Trump’s recent pro-cryptocurrency stance.
Introduced in May, the pro-cryptocurrency bill was approved by a majority of members of the U.S. House of Representatives, with 139 members voting against the strategy and 279 members voting for it. Of the 279 votes cast in favor of the bill, about 71 were cast by Democrats, including House Speaker Nancy Pelosi, while the remaining 208 votes were cast by Republicans.
Hill said:
The FIT21 Act that we passed in the House with 71 Democratic votes is exactly the type of regulatory framework for digital assets that former President Trump would support if he were re-elected and brought back to the White House.
Since the law will give the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) joint authority to regulate the cryptocurrency industry, lawmakers believe the measure will provide guidance to both agencies on what type of Regulatory framework necessary for the industry to thrive.
He also noted that if the approach is not adopted by the end of this Congress, he would recommend the law to the president for approval. This is due to his confidence in the framework as the best course of action for people who innovate and launch crypto assets, a related business, managing these assets and ensuring consumer protection.
Promoting modern financial systems
French Hill’s remarks coincide with the buildup to Trump’s potential reelection campaign and the growing importance of his positions on major issues like digital assets.
Donald Trumpwho had previously expressed doubts about cryptocurrencies, has now adopted a more positive stance. He has admitted in several public appearances that digital assets have the ability to drive innovation and economic expansion.
Trump’s shift is indicative of a broader trend among industry and officials who understand the strategic value of adopting blockchain and cryptocurrency technologies. By ramping up support for Trump’s policy, crypto-friendly policiesThe legislature presents itself, as well as the entire Republican program, as the champions of the modern financial system that welcomes technological advances.
Hill’s support is crucial as the U.S. struggles to define its digital asset strategy in the face of increasing international competition. Given Trump’s shift from pro-crypto stance and the support of a popular lawmaker like French Hill for the FIT21 bill, a more favorable regulatory environment for the sector could be on the horizon.
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