Congressman French Hill, the newly elected chairman of the House Financial Services Committee, has unveiled plans to tackle crypto regulation and reinvigorate public market growth
In a CNBC interview on December 13, Hill emphasized the need to end the regulatory confusion that has hampered the growth of digital assets. His priorities mark a shift toward promoting innovation and addressing gaps in the U.S. financial regulatory framework.
He emphasized the importance of regulatory clarity for the sector, stating:
“We need a market structure for crypto… That is a top priority for us.”
Hill’s agenda includes simplifying market supervision, reducing banking restrictions and encouraging companies to pursue initial public offerings (IPOs).
Clarity of regulations
The U.S. crypto industry, valued at more than $1 trillion, has long struggled with regulatory uncertainty, leaving companies uncertain about compliance requirements and investors wary of risks.
Hill plans to address these concerns by simplifying oversight, standardizing rules for digital assets and creating a framework that promotes innovation without compromising consumer protections. His agenda builds on the Financial Innovation and Technology for the 21st Century Act (FIT 21), introduced under outgoing Chairman Patrick McHenry.
However, FIT 21 remains stuck in the Senate, where debates over its funding and potential impact on market stability have slowed its progress. Hill has pledged to prioritize the bill, emphasizing its importance in providing the clarity businesses and investors need to thrive.
Bitcoin reserve
Hill also commented on the idea of a national Bitcoin reserve, which has gained traction with recent state initiatives in Texas and Wyoming.
Senator Cynthia Lummis has championed federal legislation in this area, while President-elect Donald Trump has expressed strong support. However, Hill expressed caution, citing concerns about volatility and federal overreach.
He said:
“I would have to think long and hard about the value of that [Bitcoin reserve] is for the US and the Treasury Department.”
As Hill prepares to lead the committee, his approach to cryptocurrencies, banking reform and capital formation will likely shape key economic policies that will keep the U.S. competitive in a rapidly evolving financial landscape.
