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    US Lawmaker French Hill Advocates for Crypto Market Structure Bill to Reform Regulation and Spur Innovation

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    US lawmaker French Hill has called for a market structure bill for the crypto industry, criticizing the current regulatory approach. The bill, which Republicans aim to present early in the next legislative session, would clarify the rules around crypto regulation. Hill suggests this would spur technological advancement and prevent crypto firms from moving overseas. Hopes for such a change are boosted by the recent Republican electoral success and anticipated departure of the current SEC Chair. The stalled Financial Innovation and Technology for the 21st Century Act suggests crypto regulation could be either by the SEC or the Commodity Futures Trading Commission.

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    Recently, US lawmaker French Hill spoke on CNBC emphasizing the dire need for a crypto market structure bill, stating it’s a major focus for the Republican Party. Steve Scalise, the GOP majority leader, plans to present this comprehensive crypto bill within the first 100 days of the next legislative sessions. Hill expressed dissatisfaction with the current regulatory approach driven by the Securities and Exchange Commission Chair, Gary Gensler, saying there are no clear rules.

    According to Hill, the current approach isn’t helping America progress, nor is it promoting technological advancements, innovation for Web3, or the use of blockchain in public companies and financial services. He believes the approval of a market structure bill can remove the regulatory uncertainty that’s been lingering over the US crypto industry for quite some time. Supporters of such bills believe that they can encourage digital asset innovation in the US and stop crypto firms from moving their operations overseas.

    The US crypto industry is hopeful about the regulatory future, thanks to the Republican victory in the recent elections and the impending resignation of Gensler from the SEC. This past May, Congress passed the Financial Innovation and Technology for the 21st Century Act (FIT21) outlining a complete regulatory framework for digital assets. Unfortunately, the Senate stalled the bill and it was not passed into law.

    Inside the FIT21 legislation is a clause proposing regulation of digital assets under either the SEC or the Commodity Futures Trading Commission (CFTC), depending on how decentralized the specific digital asset is. Rumor has it that President-elect Donald Trump is pondering giving the CFTC control over crypto during his term. This would classify most crypto projects as commodities if they meet certain criteria. Trump has also selected pro-crypto Paul Atkins to take over Gensler as the SEC chair, noting his co-chairman role at the Digital Chamber’s Token Alliance as one reason for the nomination.

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