In striking agreement with the changing opinions of former President Donald Trump toward cryptocurrencies, Congressman and Arkansas Digital Asset Subcommittee chairman French Hill of the United States has firmly supported the FIT21 bill as the kind of regulatory framework that Trump would likely endorse if reelected.
French Hill Doubles Down On Trump’s Crypto Approach
In an interview on CBNC SquawkBox on Wednesday, French Hill, a well-known proponent of digital asset innovation, stressed that the Financial Innovation and Technology for the 21st Century Act (FIT21) reflects a balanced approach to crypto regulation, which is in line with Donald Trump’s recent pro-crypto stance.
Introduced in May, the pro-crypto bill was approved by a majority of members of the US House of Representatives, with 139 members voting against the strategy, and 279 members voting in support of it. Out of the 279 votes cast to pass the bill, about 71 accounted for Democrats including Speaker of the House Nancy Pelosi, while the remaining 208 votes accounted for Republicans.
Hill stated:
The FIT21 act that we passed the House with 71 Democratic votes is exactly the kind of regulatory framework for digital assets that former President Trump would support if he were re-elected and brought back to the white house.
Given that the act will give both the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) joint power in regulating the cryptocurrency industry, the lawmaker believes that this move will direct both bodies on the kind of regulatory framework needed for the industry to strive.
He further noted that if the approach had not been passed by the end of this congress, he would recommend the act to the president for his endorsement. This is because of his confidence in the framework as the best course of action for individuals who are innovative and launching crypto assets, a related firm, handling those assets, and ensuring consumer protection.
Championing Modern Financial Systems
French Hill’s remarks coincide with Trump’s possible reelection campaign gaining steam and the growing significance of his positions on important matters like digital assets.
Donald Trump, who had earlier voiced doubts about cryptocurrencies, has now taken a more positive position. He has admitted in a number of public appearances that digital assets have the ability to spur innovation and economic expansion.
Trump’s change is indicative of a larger trend among industry and officials who understand the strategic value of adopting blockchain and cryptocurrency technologies. By intensifying support for Trump’s crypto-friendly policies, the Lawmaker casts himself and the larger Republican agenda as champions of the modern financial system that welcomes technological advancements.
Hill’s support is crucial as the US struggles to define its strategy for digital assets In the face of intensifying international competition. Given Trump’s shifting pro-crypto position and the support of a popular lawmaker like French Hill for the FIT21 bill, a more advantageous regulatory environment for the sector may be on the horizon.