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The FIT21 market structure bill passed the House of Representatives in May 2024 with bipartisan support by a 278-136 margin.
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Congressman French Hill recently appeared on CNBC and said that the United States desperately needs a crypto market structure bill, which he described as a “top priority” for the Republican Party.
According to Rep. Hill, GOP majority leader Steve Scalise aims to introduce a comprehensive crypto market structure bill within the first 100 days of the upcoming legislative session. Hill also criticized the current regulatory approach under Securities and Exchange Commission (SEC) Chair Gary Gensler:
“We don’t have rules of the road under chairman Gensler. We just have regulation by enforcement. This is not helping America succeed, not helping technological advances, innovation for Web3, or the use of blockchain in publicly traded companies and financial services.”
The approval of a market structure bill will lift the regulatory uncertainty that has hung over the US crypto industry for years. Pro-crypto legislation could pave the way for the US to foster digital asset innovation and prevent crypto firms from offshoring.
Related: French Hill to chair House Financial Services Committee in 2025
US crypto industry optimistic about regulatory future
The sweeping electoral victory of the Republican Party in November and the resignation of Gensler from the SEC have industry executives optimistic about the future of digital asset regulations in the US.
In May, Congress passed the Financial Innovation and Technology for the 21st Century Act (FIT21). The market structure bill outlined a comprehensive regulatory framework for digital assets. Unfortunately, the bill was halted in the Senate and was never passed into law.
A brief outline of the provisions in the FIT21 market structure bill. Source: House Financial Services Committee
Nestled within the FIT21 legislation was a provision to regulate digital assets under either the SEC or the Commodities Futures Trading Commission (CFTC) depending on the specific digital asset’s level of decentralization.
President-elect Donald Trump is reportedly considering handing the CFTC oversight over crypto during his upcoming term, which would also classify most crypto projects as commodities if they meet certain criteria.
Trump also nominated pro-crypto Paul Atkins to replace Gensler as SEC chairman and cited Atkins’ role as co-chairman of the Digital Chamber’s Token Alliance as one of the reasons for the nomination.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex
This article first appeared at Cointelegraph.com News
