Republican French Hill says he’s optimistic about prospect for new crypto legislation in 2024

Republican Representative French Hill expressed optimism about the potential passage of two crypto-related bills in 2024. The bills in question are the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act, both of which previously advanced out of the House Financial Services Committee. Speaking during a panel discussion hosted by the Foundation for Defense Democracies, Hill highlighted the bipartisan support and positive feedback received so far. He emphasized the importance of timing in politics, acknowledging the need to navigate numerous priorities. Hill leads the House Financial Services Committee’s digital assets-focused panel and has collaborated with committee chair Patrick T. McHenry on the legislation. The committee previously advanced two bills that address federal regulation of stablecoins and market structure in the crypto industry. Hill stated that the committee took into account various amendments and suggestions before finalizing a draft of the regulatory framework bill in 2023. The issue of illicit finance is also being considered, with Senators Elizabeth Warren and Sherrod Brown focusing on anti-money laundering measures and the use of digital assets for money laundering. Hill and others are open to incorporating provisions that address these concerns if supported by Treasury and the Biden administration.