Bitrabo Editorial
Congressman French Hill of Arkansas, also the chairman of the Digital Asset Subcommittee, has aligned with the views of former President Donald Trump regarding cryptocurrencies. Hill has shown strong support for the FIT21 bill, indicating it as a regulatory framework that Trump would likely endorse if he were to be reelected.
Consistency with Trump’s Crypto Policy
During an interview on CBNC SquawkBox, Hill emphasized that the Financial Innovation and Technology for the 21st Century Act (FIT21) presents a balanced approach to regulating cryptocurrencies, in line with Trump’s recent favorable stance on the digital assets.
The pro-crypto bill, introduced in May, received approval from a majority in the US House of Representatives. 279 members voted in favor of the bill, with Democrats accounting for 71 votes, including support from Speaker of the House Nancy Pelosi, and the remaining 208 votes coming from Republicans.
Hill mentioned:
The FIT21 act passed with bipartisan support is the regulatory framework for digital assets that former President Trump would likely endorse in the White House.
With the act granting joint regulatory powers to the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for overseeing the cryptocurrency sector, Hill believes this step will guide both agencies in establishing the necessary regulations for the industry to flourish.
He added that if the bill wasn’t passed by the current congress’s end, he would recommend it to the president for approval. Hill has confidence in the framework as the best strategy for individuals involved in cryptocurrency innovation, operations, and consumer protection.
Promoting Modern Financial Systems
Hill’s stance aligns with Trump’s evolving position on cryptocurrencies amid hints of a possible reelection campaign. Trump, previously skeptical about digital assets, now recognizes their potential to drive innovation and economic growth.
By rallying behind Trump’s crypto-friendly policies, Hill positions himself and the broader Republican agenda as advocates of a contemporary financial system that embraces technological progress.
Amid increasing global competition, defining a coherent strategy for digital assets becomes critical for the US. With Trump’s changing views on cryptocurrencies and the support from influential figures like French Hill for the FIT21 bill, a more favorable regulatory landscape for the industry could be on the horizon.