8 months ago
During a sheet treatment astatine the caller Foundation for Defense of Democracies event, Arkansas Republican French Hill shared a affirmative update connected the trajectory of the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act.
US Representative French Hill Foresees Bright Future for Crypto Bills astatine FDD Event
In a recent event hosted by the Foundation for Defense of Democracies (FDD) connected Jan. 29, Rep. French Hill, an Arkansas Republican and seat of the House Financial Services Subcommittee connected Digital Assets, Financial Technology, and Inclusion, shared promising updates connected the advancement of 2 important crypto-related bills.
Rep. Hill, during a sheet treatment astatine the FDD event, conveyed a consciousness of optimism astir the advancement of authorities concerning stablecoins and the broader regulatory model for cryptocurrencies. He noted that by the extremity of 2023, lawmakers had marked up 2 bills: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. Both pieces of authorities had progressed retired of the House Financial Services Committee successful July 2023, mounting the signifier for a afloat House vote.
“I inactive americium optimistic that you’ll spot those bills travel to fruition during ’24,” Hill expressed. His remarks reflected assurance successful the bipartisan enactment and administrative collaboration that has marked the bills’ travel frankincense far. “Every gathering I’ve attended has been precise encouraging,” helium added.
The Clarity for Payment Stablecoins Act aims to supply a wide regulatory model for stablecoins. Meanwhile, the Financial Innovation and Technology for the 21st Century Act seeks to code the broader marketplace operation of cryptocurrencies. The completion of a “very bully moving draft” of the regulatory model measure by the adjacent of 2023 was a important milestone, according to Hill.
Rep. Hill besides discussed the strategical value of a well-regulated dollar-based stablecoin for the U.S. dollar’s relation successful planetary trade, portion expressing skepticism astir unregulated cardinal slope integer currencies (CBDCs) issued by overseas entities.
Looking forward, 2024 promises to beryllium a captious twelvemonth for these legislative efforts, particularly with the upcoming elections. All 435 seats successful the House of Representatives are up for contention, and significant changes successful leadership wrong the Digital Assets subcommittee and the House Financial Services Committee are possible. Current committee chair, Rep. Patrick McHenry, R-N.C., has announced helium volition not question reelection.
In the broader governmental landscape, the 2024 predetermination play is heating up. Donald Trump, the presumptive Republican campaigner for U.S. president, has declared his absorption to the instauration of a CBDC successful the United States, a stance that resonates with immoderate of the concerns expressed by Rep. Hill.
Do you deliberation these 2 crypto-related bills volition beryllium passed successful 2024? Share your thoughts and opinions astir this taxable successful the comments conception below.
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