New House Financial Services Committee chairman says clear crypto regulations are near the top of his to-do list

Rep. French Hill says establishing a clear market structure for digital assets is one of his top three priorities as the newly elected chairman of the House Financial Services Committee.

Hill (R-Arkansas), a staunch supporter of the crypto sector, secured the chairmanship earlier this week, taking over for retiring GOP lawmaker Patrick McHenry (R-North Carolina).

Arkansas Legislature narrator CNBC in a new interview that crypto currently has no “rules of the road” and needs new legislation.

“Under Chairman Gensler, we just had regulation by enforcement. This is not helping America succeed, not helping technological advancement, innovation for web3, the use of blockchain both in publicly traded companies and in financial services.

So that’s the top priority for us, and our Majority Leader Steve Scalise has it on his ‘First 100 Days of the House (Agenda)’ to move a bill on the regulatory framework for digital assets.”

Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler announced that he would step down from his position in January. Under Gensler’s leadership, the securities watchdog launched high-profile enforcement actions against many crypto firms, including industry giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.

Hill has one “A” rating from Stand With Crypto, a digital asset advocacy group backed by top US crypto exchange Coinbase.

The Arkansas legislature has criticized Federal Deposit Insurance Corporation (FDIC) for allegedly “pressuring banks to cut ties with entire industries like crypto.”

Hill pledged in November that the House Financial Services Committee would work with President-elect Donald Trump to stop that pressure and conduct an investigation.

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