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Representative French Hill, chair of the U.S. House digital assets subcommittee, believes two major crypto-related bills could make progress before the current Congress disbands. Speaking at DC Fintech Week on Oct. 22, Hill expressed hope that the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin regulatory framework might move forward during the upcoming lame-duck session, which occurs after elections but before the new Congress begins.
The FIT21 bill, which aims to provide a regulatory framework for digital assets and increase oversight by the Commodity Futures Trading Commission (CFTC), passed the House in May but stalled in the Senate. Meanwhile, the stablecoin bill, introduced by the Patrick McHenry-led House Financial Services Committee, also awaits further action.
Hill acknowledged that progress on these bills depends on the outcome of the November elections, which will determine the next Congress’s priorities. He also suggested that financial services priorities could be attached to the National Defense Authorization Act (NDAA), a must-pass bill, as a potential strategy for advancing the crypto legislation.
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If the current Congress fails to pass the bills, Hill emphasized that crypto regulation would be a top priority for the next Congress in 2024. CFTC Chair Rostin Behnam and Tether CEO Paolo Ardoino echoed concerns about the delay in U.S. crypto regulations.
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