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Financial Technology and Inclusion offered the public an update on the trajectory of crypto-related legislation for the year ahead.
Momentum in Legislation
Speaking at an event hosted by the Foundation for Defense of Democracies (FDD) on Jan. 29, Representative Hill revealed that House lawmakers had made progress on two key bills concerning stablecoins and cryptocurrency regulation. By the close of 2023, they had developed a promising draft of the regulatory framework bill. Hill expressed optimism about the continued advancement of both bills.
"I remain optimistic about the fruition of these bills in '24," Hill stated. "Every meeting I've attended has been very encouraging."
Legislative Progress and Future Prospects
According to Coin Telegraph, there has been minimal activity regarding digital asset-focused bills since the reconvening of the U.S. Congress in 2024. In July 2023, the House Financial Services Committee cleared the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act, positioning them for a full House vote.
Representative Hill emphasized the potential benefits of a well-regulated payment stablecoin for the U.S. dollar and international trade. He voiced skepticism regarding an unregulated central bank digital currency (CBDC) issued by a foreign entity, suggesting that a dollar-based stablecoin could uphold the dollar's significance.
Shifting Political Landscape and Election Dynamics
Looking ahead, changes in leadership within the Digital Assets subcommittee and the House Financial Services Committee could occur in 2025. With all 435 seats up for contention between the Democratic and Republican parties in the 2024 elections, Representative Patrick McHenry, the House Financial Services Committee chair, disclosed his decision not to seek reelection in December 2023.
According to The Block, as the 2024 election season heats up, residents of the United States can anticipate heightened campaign rhetoric. Donald Trump, the presumed Republican Party candidate for U.S. president, vowed to oppose the introduction of a CBDC if he secures reelection. Trump is currently facing 91 felony charges, partly related to allegations of attempting to overturn the 2020 election results.
Photo: J. Amill Santiago/Unsplash
