During a panel discussion at the recent Foundation for Defense of Democracies event, Arkansas Republican French Hill shared a positive update on 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 at FDD Event
In a recent event hosted by the Foundation for Defense of Democracies (FDD) on Jan. 29, Rep. French Hill, an Arkansas Republican and chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, shared promising updates on the progress of two significant crypto-related bills.
Rep. Hill, during a panel discussion at the FDD event, conveyed a sense of optimism about the advancement of legislation concerning stablecoins and the broader regulatory framework for cryptocurrencies. He noted that by the end of 2023, lawmakers had marked up two bills: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. Both pieces of legislation had progressed out of the House Financial Services Committee in July 2023, setting the stage for a full House vote.
“I still am optimistic that you’ll see those bills come to fruition during ’24,” Hill expressed. His remarks reflected confidence in the bipartisan support and administrative collaboration that has marked the bills’ journey thus far. “Every meeting I’ve attended has been very encouraging,” he added.
The Clarity for Payment Stablecoins Act aims to provide a clear regulatory framework for stablecoins. Meanwhile, the Financial Innovation and Technology for the 21st Century Act seeks to address the broader market structure of cryptocurrencies. The completion of a “very good working draft” of the regulatory framework bill by the close of 2023 was a significant milestone, according to Hill.
Rep. Hill also discussed the strategic importance of a well-regulated dollar-based stablecoin for the U.S. dollar’s role in international trade, while expressing skepticism about unregulated central bank digital currencies (CBDCs) issued by foreign entities.
Looking forward, 2024 promises to be a critical year for these legislative efforts, especially with the upcoming elections. All 435 seats in the House of Representatives are up for contention, and significant changes in leadership within the Digital Assets subcommittee and the House Financial Services Committee are possible. Current committee chair, Rep. Patrick McHenry, R-N.C., has announced he will not seek reelection.
In the broader political landscape, the 2024 election season is heating up. Donald Trump, the presumptive Republican candidate for U.S. president, has declared his opposition to the introduction of a CBDC in the United States, a stance that resonates with some of the concerns expressed by Rep. Hill.