In July last year, the United States House Financial Services Committee ratified the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act.
US Representative French Hill (R-AR), the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion chair, gave an update concerning legislators’ plan to progress with crypto-associated legislation this year.
US Heighten Efforts in Crypto Regulatory Bills
Speaking at a January 29 event hosted by the Foundations for Defense of Democracies (FDD), he noted that the nation’s legislators in the House of Representatives had marked up two bills meant to address stablecoins and cryptocurrencies’ regulatory model.
Besides, he said they had an ‘excellent working draft’ of the regulatory framework by the end of last year. He also claimed he expected the two bills to be ‘on the same path’ from now onwards.
French said he remains confident that the bill’s fruition will happen this year and is pleased with each meeting he has attended. Little movement with the digital asset-focused bills has been noted since the Congress’ resumption this year.
Payment Stablecoins Act Hailed as Necessary Guardrail for US Dollar
In July 2023, the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act were ratified. This paved the path for the bills to move to the House floor for a full vote.
French noted that a ‘properly considered and regulated’ payment stablecoin could be perfect for the United States dollar and global trade. Nevertheless, he claimed he did not essentially back an unregulated central bank digital currency (CBDC) given by a foreign government.
He also said that the US could utilize a dollar-founded stablecoin to ‘preserve the dollar’s significance.’
New Legislators to Influence Pending Crypto Bill
In 2025, authority at the House Financial Services Committee, the United States House of Representatives, and the digital assets subcommittee might change. All 435 seats will be available for Republican and Democratic parties in this year’s elections.
In December last year, Representative Patrick McHenry (R-NC), the House Financial Service Committee chair, revealed his intention not to seek reelection.
US citizens might experience a rise in campaign rhetoric as the election season heightens this year. Donald Trump, the possible Republican Party aspirant, claimed that he would ‘never permit’ a central bank digital currency (CBDC) if reelected.
He is facing 91 felony charges partly associated with this role in purportedly trying to reverse the 2020 election’s results.