Rep. French Hill has announced plans to rethink U.S. crypto regulation, aiming to replace stringent measures with more capital-friendly initiatives intended to ensure prosperity and protection in the digital asset space.
The Need for Crystal Clear Rulebook
In a recent CNBC interview, Hill stressed the necessity for clear directives that delineate the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). He emphasized a commitment to move away from rigid and arbitrary practices of the past, supporting a regulatory landscape that protects retail investors and allows companies to utilize blockchain technology without fear of arbitrary enforcement actions. “We’re going to pass regulatory clarity,” he stated.
Reassessment of Prior Implementation Strategies
Hill has been outspoken in his criticism of ex-SEC Chair Gary Gensler's tough regulatory approach, arguing that it forced crypto companies to relocate to London and other regions. He argues that this exodus underscores the need for pro-innovation regulations, noting that an overreliance on enforcement has stifled market growth.
Bipartisan Efforts for Policy Change
Demonstrating bipartisan cooperation, Hill announced a joint working group with members from both bodies of Congress. His team works on policies to enable the growth of digital assets. He added, “We don't want to be behind the curve in financial technology and digital assets in the United States.”
These concerted efforts by both lawmakers and the executive branch mark a pivotal moment as the U.S. seeks to strike a balance between protecting investors and fostering an environment conducive to technological innovation in cryptocurrency regulation.
