Originally published on: December 13, 2024
In a recent appearance on CNBC, United States Representative French Hill highlighted the urgent need for a crypto market structure bill, emphasizing it as a top priority for the Republican Party.
Representative Hill disclosed that GOP majority leader Steve Scalise is focused on introducing a thorough crypto market structure bill within the first 100 days of the upcoming legislative session. He also took aim at the current regulatory approach led by Securities and Exchange Commission Chair Gary Gensler.
The introduction and approval of a market structure bill could potentially alleviate the regulatory uncertainty that has loomed over the US crypto industry for years. Advocates of such legislation argue that embracing pro-crypto measures could open the doors for digital asset innovation within the US and prevent crypto companies from seeking opportunities abroad.
Following the Republican Party’s recent election victory and Gensler’s impending resignation from the SEC, many industry executives are optimistic about the future of digital asset regulations in the US.
An earlier attempt to establish a regulatory framework for digital assets was made with the Financial Innovation and Technology for the 21st Century Act (FIT21), which Congressional lawmakers passed in May. However, the bill faced obstacles in the Senate and was never enacted into law.
One key provision within the FIT21 legislation proposed overseeing digital assets under either the SEC or the Commodity Futures Trading Commission (CFTC) depending on the asset’s decentralization level.
Reports suggest that President-elect Donald Trump is contemplating assigning oversight of crypto to the CFTC during his upcoming term, potentially categorizing most crypto projects as commodities based on specific criteria.
Furthermore, Trump is considering nominating Paul Atkins, known for his pro-crypto stance and role as co-chairman of the Digital Chamber’s Token Alliance, to succeed Gensler as SEC chair.
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