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Rep. French Hill Voices Optimism for Crypto Legislation Progress in 2024

U.S. House Representative and Chair of the Financial Services Subcommittee on Digital Assets, French Hill (R-AR), has expressed a positive outlook regarding the advancement of cryptocurrency-related legislation in 2024.

At an event organized by the Foundation for Defense of Democracies on January 29, Hill shared his insights on the prospects of cryptocurrency legislation in the United States for the coming year. He particularly emphasized the importance of addressing issues related to stablecoins and regulatory measures.

Bipartisan Support for Crypto Legislation

Hill expressed his optimism, stating, “I remain confident that we will witness the fruition of these bills in 2024.”

He went on to share his satisfaction with the progress made in various bipartisan meetings and discussions within the administration regarding cryptocurrency legislation.

Hill acknowledged the importance of timing in politics, saying, “Timing is crucial in politics, and with the multitude of issues on our agenda, we are all navigating through that complexity.”

In 2023, the Subcommittee achieved significant milestones by passing two pivotal bills: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. The fate of these two crypto bills now rests with the House of Representatives, which has the potential to establish a more comprehensive regulatory framework for the cryptocurrency industry.

CBDC Could Be the “Right Direction”: French Hill

During the panel discussion, Central Bank Digital Currencies (CBDCs) also came under scrutiny, with Hill underscoring the significance of preserving the unique status held by the U.S. dollar on the global stage.

Hill explained that he believes a well-regulated payment stablecoin, backed by fiat U.S. dollars and characterized by a strong reputation and high transparency, could potentially serve as a purchaser of short-term treasury bills, which would be advantageous for the U.S. dollar’s stability.

However, he clarified that this shouldn’t be viewed as a practical business strategy, as both consumers and institutions are unlikely to adopt such an approach. Nevertheless, he emphasized the importance of undertaking measures to uphold the U.S. dollar’s position as the world’s reserve currency.

According to Hill, if the United States can maintain an appropriate regulatory framework and an open capital market, a stablecoin linked to the USD could be a favorable long-term direction.

However, Hill also highlighted that the primary focus of the Subcommittee remains creating the right conditions for technological innovations within the regulatory framework rather than leading the innovation itself.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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