Congressman Reveals Plan for New Crypto Laws in 2024 Amid Election and Regulatory Changes
Summary:
Congressman French Hill outlined the U.S. House of Representatives' plan to advance two major crypto-related legislations in 2024, pertaining to stablecoins and cryptocurrency regulation. Despite slow progress in recent Congressional sessions, Hill remains optimistic about the bills' adoption and stressed the potential benefits of a regulated payment stablecoin for the U.S. dollar and international trade. The chairmanships across various House committees are likely to see changes post the 2024 elections. Furthermore, political rhetoric is expected to intensify, with potential presidential candidate Donald Trump vowing to ban CBDCs if re-elected.
The head of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, Congressman French Hill, has elucidated on the impending crypto-related laws due to be pursued in 2024. During a gathering organized by the Foundation for Defense of Democracies (FDD) on January 29, Hill revealed that the House of Representatives planned to push through two main pieces of legislation relating to stablecoins and managing the legal aspects of cryptocurrencies. Furthermore, a well-prepared draft of the latter was already completed by late 2023. Hill expressed optimism that both legislative pieces would be embraced and implemented in 2024.
He also signalled his satisfaction with the progress in meetings to constituents. Despite the recently resumed U.S Congress session witnessing minimal shift in attention to digital asset bills, in July 2023, the House Financial Services Committee gave their approval to the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. This approval set the stage for a full House vote on the proposed laws.
Hill also noted that a regulated and properly reviewed payment stablecoin could potentially benefit the U.S. dollar and international trade. Conversely, he expressed skepticism towards a poorly regulated Central Bank Digital Currency (CBDC) issued by foreign governments. He proposed a dollar-based stablecoin as a strategic measure to retain the relevance of the dollar internationally.
The chairmanship of the digital assets subcommittee, the House Financial Services Committee, and the House of Representatives is likely to change in 2025, with all 435 seats under contention from the Democratic and Republican parties in the 2024 elections. Congressman Patrick McHenry, who currently heads the House Financial Services Committee, confirmed in late 2023 that he wouldn't be running for office again.
As the election season of 2024 gears up, the populace in the U.S can expect an escalation in political speeches and rhetoric. President Donald Trump, potentially running as the Republican candidate, declared his intentions to ban CBDCs, if re-elected. Trump is currently facing legal battles with 91 felony charges connected partially to his efforts to dispute the legitimacy of the 2020 election results.
Published At
1/30/2024 12:53:02 AM
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