Crypto Bills: Hopes for Fruition in 2024
United States Representative French Hill recently provided an update on the progress of crypto-related legislation in 2024. Hill, who chairs the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, spoke at an event hosted by the Foundation for Defense of Democracies (FDD) on January 29. He revealed that lawmakers in the House of Representatives had marked up two bills focused on stablecoins and the regulatory framework of cryptocurrencies. By the end of 2023, they had developed a “very good working draft” of the latter bill. Hill expressed optimism that both bills would be pushed forward in 2024.
Since the U.S. Congress resumed in 2024, there have been no significant developments regarding the digital asset-focused bills. In July 2023, the House Financial Services Committee passed two bills known as the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. This paved the way for the bills to be presented to the House floor for a comprehensive vote. Hill believes that a “well-regulated, well-considered” payment stablecoin could benefit the U.S. dollar and international trade. He also indicated that he was not in favor of an unregulated central bank digital currency (CBDC) issued by a foreign government. Instead, he suggested that the United States could develop a dollar-based stablecoin to preserve the importance of the dollar.
It is important to note that the leadership of the digital assets subcommittee, the House Financial Services Committee, and the U.S. House of Representatives may change hands in 2025. The upcoming 2024 elections will see all 435 seats up for grabs between the Democratic and Republican parties. Representative Patrick McHenry, the current chair of the House Financial Services Committee, announced in December 2023 that he would not seek reelection. As the election season intensifies, residents of the United States can expect an increase in campaign rhetoric.
Donald Trump, the likely Republican Party candidate for the U.S. presidency, has expressed his stance on digital currencies. He stated that if reelected, he would “never allow” a CBDC in the country. It is worth noting that Trump currently faces 91 felony charges, some related to his alleged involvement in attempting to overturn the results of the 2020 election.
4 thoughts on “Crypto Bills: Hopes for Fruition in 2024”
Leave a Reply
You must be logged in to post a comment.
The fact that there are still no concrete plans for regulation is concerning. We need clear guidelines to protect investors and promote innovation.
It’s unfortunate that Representative Patrick McHenry won’t be seeking reelection. Change in leadership always brings uncertainty, but hopefully, the next chair will continue supporting crypto innovation.
It’s disappointing to see that the U.S. has fallen behind in the race to regulate cryptocurrencies. Other countries are moving ahead while we’re stuck in limbo.
It’s disappointing to see the U.S. falling behind in the global race to regulate cryptocurrencies. We should be leading, not playing catch-up.