The top Republican congressman is optimistic about the prospect of new cryptocurrency legislation by

Top Republican Congressman French Hill has expressed optimism about the prospects of passing a bill for stablecoins and another bill focused on structural reform of the cryptocurrency market by 2024. He said he is willing to listen and consider opinions from Democrats on the financial sector, especially concerns related to illegal financial activities in the field of cryptocurrency.


At an event organized by the Democratic Defense Foundation, Representative French Hill from Arkansas, a Republican, shared positive views on two bills related to the cryptocurrency sector. Specifically, he mentioned the Stablecoin Payments Transparency Act and the Financial Innovation and Technology for the 21st Century Act. Both bills were introduced by the House Financial Services Committee. last year. According to Mr. Hill, the passage of these bills will help bring transparency and regulation of the cryptocurrency sector, while promoting financial-technological innovation for the 21st century.
Congressman French Hill emphasized: “I remain optimistic that bills to regulate stablecoin operations and reform the structure of the cryptocurrency market will be passed in 2024.” He expressed satisfaction with bilateral discussions as well as with the government regarding these bills. However, he also admitted that the time factor is very important in the political field. With many priority issues, passing bills takes time. However, he believes that all stakeholders are working towards the common goal of regulating and reforming the cryptocurrency sector. Congressman French Hill is also the head of the digital assets-focused panel of the House Financial Services Committee. He has worked collaboratively on legislative bills related to the cryptocurrency sector with Committee Chairman Patrick T. McHenry.

Last summer, the council led by Mr. Hill submitted two bills to Congress. The purpose of these bills is to regulate the operation of stablecoins at the federal level, while taking a comprehensive approach to structural reform of the cryptocurrency market. After the bills on stablecoin regulation and cryptocurrency market reform were introduced, Congressman French Hill said the bills were carefully reviewed and appropriate amendments and proposals were added to the document. draft in the fall of 2023. He commented that the draft bills function well as a legal framework suitable for the original purpose. He emphasized continued collaboration with colleagues in both parties as well as regulators to create the best outcome for the stablecoin regulatory bill. Combating money laundering and terrorism financing charges related to cryptocurrencies has always been a top concern for some lawmakers as well as the Biden Administration. Sen. Elizabeth Warren, D-Mass., over the past year has pushed a bill that aims to expand the requirements of the Bank Secrecy Act to include special rules for knowing customer information.
from cryptocurrency service providers. According to Politico, Chairman of the Senate Banking Committee, Democratic Senator Sherrod Brown from Ohio, who will play a role in promoting the House's cryptocurrency bills, said he is negotiating about a bill aimed at preventing the use of digital assets for money laundering. In a post-panel interview on Monday, Congressman Hill said he, along with Chairman McHenry and other colleagues, are working to find a way to combine provisions in the two current bills or draft one. The new bill aims to address concerns about illicit finance in the cryptocurrency sector. Mr. Hill emphasized that if Senator Brown and Senator Warren are looking for a constructive solution, supported by the Treasury Department and the Biden administration, and can be passed by the House, then he welcomes it. welcome that. Congressman Hill also confirmed to a reporter that the bill on cryptocurrency market structural reform includes provisions related to AML (anti-money laundering).