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Congressman French Hill eyeing comprehensive market structure, IPO rules for crypto industry
Hill aims to reduce banking restrictions and simplify oversight to encourage crypto innovation and public offerings.
2 min read
Updated: Dec. 13, 2024 at 5:48 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Congressman French Hill, the newly elected chair of the House Financial Services Committee, has unveiled plans to tackle crypto regulations and reignite public market growth
In a Dec. 13 CNBC interview, Hill emphasized the need to end regulatory confusion that has hindered the growth of digital assets. His priorities mark a shift toward fostering innovation while addressing gaps in the US financial regulatory framework.
He emphasized the importance of regulatory clarity for the industry, stating:
“We need a market structure for crypto… That is a top priority for us.”
Hill’s agenda includes simplifying market oversight, reducing banking restrictions, and incentivizing companies to pursue initial public offerings (IPOs).
Regulatory clarity
The US crypto industry, valued at over $1 trillion, has long grappled with regulatory ambiguity, which has left businesses unsure of compliance requirements and investors wary of risk.
Hill plans to address these concerns by simplifying oversight, standardizing rules for digital assets, and creating a framework that fosters innovation without compromising consumer protection. His agenda builds on the Financial Innovation and Technology for the 21st Century Act (FIT 21), introduced under outgoing chair Patrick McHenry.
However, FIT 21 remains stuck in the Senate, where debates over its funding and potential impact on market stability have slowed its progress. Hill has vowed to prioritize the bill, emphasizing its importance for providing the clarity businesses and investors need to thrive.
Bitcoin reserve
Hill also commented on the idea of a national Bitcoin reserve, which has gained increasing traction with recent state-led initiatives in Texas and Wyoming.
Senator Cynthia Lummis has championed federal legislation on the issue, while President-elect Donald Trump has expressed strong support. However, Hill voiced caution, citing concerns about volatility and federal overreach.
He said:
“I’d have to think long and hard about what the value of that [Bitcoin reserve] is for the US and the Treasury.”
As Hill prepares to lead the committee, his approach to crypto, banking reform, and capital formation will likely shape key economic policies, ensuring the US remains competitive in a rapidly evolving financial landscape.
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
James French Hill (born December 5, 1956) is an American businessman and politician serving as the U.S.
Patrick McHenry is an American politician who has been serving as the U.S.
Cynthia Lummis, known for her pro-crypto views, is a United States Senator from the great State of Wyoming.
Donald John Trump was born on June 14, 1946, in Queens, New York City.