🏛 U.S. Lawmakers Prepare for Crypto Legislation in 2024 📜

Rep. French Hill Expresses Satisfaction with Meetings on Crypto Bills at Foundation for Defense of Democracies Event on Jan. 29

The head of the digital assets committee is optimistic about crypto bills becoming a reality by 2024.

United States Representative French Hill, chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, recently shared an update on the progress of crypto-related legislation slated for 2024. During an event organized by the Foundation for Defense of Democracies (FDD) on January 29, Representative Hill expressed optimism about the future of crypto regulation and outlined the bills that lawmakers were working on.

Bills going strong 💪

According to Representative Hill, the House of Representatives has marked up two bills, with one focusing on stablecoins and the other on the regulatory framework for cryptocurrencies. Hill mentioned that a “very good working draft” of the latter bill was developed by the end of 2023. He further expressed hope that both bills would continue making progress in the coming year.

“I still am optimistic that you’ll see those bills come to fruition during ’24,” proclaimed Hill with a smile. “I’ve been very pleased with every meeting I’ve been in.”

Slow start to the year 🐢

However, since the Congress reconvened in 2024, there hasn’t been much movement on these digital asset-focused bills. The House Financial Services Committee had previously passed the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act in July 2023, opening the door for these bills to proceed to a full House vote.

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Representative Hill believes that a well-regulated payment stablecoin, which is carefully considered, could benefit the U.S. dollar and international trade. However, he clarified that he didn’t necessarily support an unregulated central bank digital currency (CBDC) issued by a foreign government. To maintain the significance of the dollar, the United States could potentially introduce a dollar-based stablecoin.

Possible changes on the horizon 🔮

It’s worth noting that there might be some leadership changes in the digital assets subcommittee, the House Financial Services Committee, and even the U.S. House of Representatives by 2025. The upcoming 2024 elections will see all 435 seats up for grabs between the Democratic and Republican parties. Representative Patrick McHenry, the current chair of the House Financial Services Committee, announced in December 2023 that he would not seek re-election.

A dose of campaign rhetoric in 2024 🗣️

As the election season heats up in 2024, residents of the United States can expect an increase in campaign rhetoric concerning crypto-related issues. Former President Donald Trump, the likely Republican Party candidate for the U.S. presidency, has already stated that, if re-elected, he would “never allow” a CBDC in the country. It’s worth noting that Trump currently faces 91 felony charges, partly related to his alleged involvement in attempting to overturn the results of the 2020 election.

Additional information you might find interesting ❤️🔍

Q: What are stablecoins, and how do they work?
Stablecoins are a type of digital asset whose value is pegged to some external reference, usually a fiat currency, such as the U.S. dollar or the euro. They aim to provide stability in the volatile world of cryptocurrencies by offering a less fluctuating value. Typically, stablecoins are backed by reserves held in a bank account or other traditional financial assets, ensuring their stability.

Q: How do digital currencies impact international trade?
Digital currencies, like stablecoins, can play a significant role in facilitating and accelerating international trade. With instant settlement times, lower transaction fees, and enhanced security, digital currencies can simplify cross-border transactions and minimize the reliance on traditional intermediaries. By leveraging the efficiency and transparency of blockchain technology, digital currencies help streamline global commerce and remove unnecessary barriers.

The future looks bright 🌟

While progress on crypto-related legislation in the United States may seem slow at times, it’s indicative of the meticulous approach lawmakers are taking to ensure well-regulated frameworks. These efforts aim to provide a secure and vibrant ecosystem for businesses and investors alike. As the world increasingly embraces digital assets, the United States is poised to become a leader in this space, setting standards that foster innovation and protect consumers.

🔗 Here are some relevant sources for further reading:

1. Circle CEO Jeremy Allaire Expects US to Pass Stablecoin Legislation in 2024
2. Crypto Advisors: Bitcoin Myth-Busting
3. Future Crypto Taxes and Regulations: What Could They Look Like?

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