French Hill Outlines Plans to Replace ‘Crypto By Enforcement’
Rep. French Hill, a Republican who chairs the House Financial Services Committee, outlined an ambitious plan to reshape US crypto regulation, asserting that new legislation will replace heavy-handed enforcement with clear, investor-friendly guidelines.
He indicated this regulatory overhaul is designed to protect investors while spurring innovation across the digital asset landscape.
In a CNBC interview Wednesday, Hill spoke about the need for regulatory clarity that directs both the SEC and the CFTC on their roles.
He explained that the approach will safeguard retail investors, and encourage companies to embrace blockchain technology without fear of arbitrary enforcement.
“We’re going to pass regulatory clarity,” Hill declared, signaling a determined shift away from the rigid practices of the past.
Gensler’s Heavy-Handed Tactics Forced Crypto Firms Abroad: French Hill
He pinpointed former SEC Chair Gary Gensler for his heavy-handed approach, which he said forced companies to relocate their offices to London, the European Union and the Middle East.
Moreover, Hill argued that this exodus clearly illustrates the urgent need for regulations that are both unambiguous and supportive of innovation. According to him, relying solely on enforcement has stifled market growth and deterred potential innovation.
Further, he stressed the need for a collaborative process between Congress and the executive branch. He pointed out that lawmakers from both chambers have already met to discuss their priorities on digital assets, signaling bipartisan support for reform.
“We should ask that they use an open process through the federal register to propose new rules which Gary again did not do,” he insisted, adding that this transparency will foster trust and accountability.
Lawmakers Unite to Forge a New Digital Asset Policy
On Tuesday, Hill had announced that lawmakers from both chambers will form a working group to create policies that support the growth of digital assets.
During a Feb. 4 press conference, Republican leaders confirmed that representatives from four key committees would join a bicameral team to push forward legislation on a comprehensive crypto regulatory framework, including stablecoins.
Specifically, members from the House Financial Services Committee, House Agriculture Committee, Senate Banking Committee and Senate Agriculture Committee would actively contribute to this collaborative effort.
“We don’t want to be behind in financial technology and digital assets in the United States,” Hill said.
Last month, President Donald Trump took decisive action by ordering the creation of a cryptocurrency working group. This team will propose new digital asset regulations and investigate the possibility of establishing a national cryptocurrency stockpile, fulfilling his promise to revamp US crypto policy.
In addition, the president’s directive asks that banking services for crypto companies remain protected. This measure comes in response to industry concerns that regulators have been pressuring lenders to sever ties with crypto businesses—a claim that regulators continue to dispute.
Source: cryptonews.com
