The US Representative and chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, French Hill, has given an update to the citizens of the country on how the lawmakers plan to move with crypto bills in 2024.
Representative Hill stated that the US House of Representatives has marked up two bills and is debating their approval while speaking about digital asset regulation at a Foundation for Defense of Democracies (FDD) event.
Crypto Bills Coming to the US
As per Hill’s statement, the two crypto bills under consideration at the House of Representatives are aimed at addressing stablecoins and the regulatory framework of cryptocurrencies and will have a “very good working draft” of the second one by the end of 2023.
The subcommittee chair also added that he hoped both bills would be “on the same track” moving forward.
Crypto Bills to be Implemented in 2024
As per Hill, the crypto-related regulatory frameworks will come to fruition in 2024. However, it is important to note that there has been little movement when it comes to regulation of the digital asset sector since Congress resumed sessions in 2024.
“I still am optimistic that you’ll see those bills come to fruition during ‘24,” said Hill. “I’ve been very pleased with every meeting I’ve been in.”
Representative Hill noted in his statement that a “well-regulated, well-considered” stablecoin for payments would be good for the US dollar and international trade. Additionally, he pointed out that he wasn’t in support of an unregulated central bank digital currency (CBDC) issued by a foreign government.
Hill believes that through the crypto bills, the United States could take action to “preserve the importance of the dollar” with a dollar-based stablecoin. As reported earlier by TheCoinRise, US presidential candidate Donald Trump has been quite vocal against CBDCs.
Regulation of Digital Assets in the US
Crypto critic Senator Elizabeth Warren reintroduced the “Digital Asset Market Structure and Investor Protection Act” as part of her strategy to push for stricter regulation of the digital asset ecosystem, especially as it concerns Decentralized Finance (DeFi).
Multiple lawmakers have decided to stand against the creation of a CBDC in the US, including Texas Senator Ted Cruz, who introduced a bill that restricts the Fed Reserve from embracing a direct-to-consumer CBDC.
Finally, United States Senator Tom Emmer introduced a bill to stop “unelected bureaucrats in Washington” from creating a CBDC. The bill was introduced on September 12 in the US House of Representatives in an effort to defend Americans’ right to financial privacy.