US Congressman French Hill is ready to prioritize crypto regulation, particularly the FIT21 Act and the stablecoin law, by next year.
Crypto enthusiasts are optimistic about the potential of the emerging asset under the incoming administration in the United States. In 2025, regulators will have another opportunity to pass regulation for the crypto industry.
Hill will prioritize crypto regulation next year
Interestingly, Rep. French Hill, the representative from Arkansas, has announced plans to prioritize crypto legislation, particularly the Stablecoin Act and the FIT21 Act, next year.
By comparison, Hill will lead the House Financial Services Committee of Congress and lead the panel’s crypto regulation efforts. He has worked on several draft laws, including the FIT21 law and a proposed regulation on stablecoins.
Both bills have been under consideration for several months under the current government. However, due to the government’s aggressive stance towards the industry, their chances of getting approval were slim.
The chances of passing a pro-crypto law are increasing
However, this stance is expected to change in the upcoming Congress, which will be dominated by several cryptocurrency proponents. Additionally, President-elect Donald Trump’s support for crypto is another factor that increases the likelihood of a pro-crypto law being passed.
The next government officially begins on January 20, 2025. However, federal lawmakers will have to wait about four months to get used to it. Ron Hammond, director of government relations at the Blockchain Association, expects Congress to reintroduce well-known bills such as the stablecoin bill and FIT21 Act.
FIT21 law
This bill aims to clarify the regulation…
