U.S. Representative French Hill is still confident that two important crypto-regulating laws could pass Congress before it shuts down as the year ends. Speaking at DC Fintech Week on October 22, Hill expressed hope that before the year ends, the stablecoin regulatory bill and the Financial Innovation and Technology for the 21st Century Act (FIT21) might still see some action.
A lame-duck session, which occurs after an election but before the election of the new Congress, provides a restricted timeframe for action. Hill pointed out that, although the forthcoming November 5 elections would affect what is realistically possible, he thinks the crypto legislation needs some thought. He underlined the stablecoin law, which targets controlling digital currencies linked to conventional assets, and the FIT21 bill, which seeks to provide a legal framework for digital assets.
The Senate banking committee has recently encountered difficulties with the FIT21 measure, which the House of Representatives enacted in May. Similarly, supported by Representative Patrick McHenry, a House-led initiative to control stablecoins cleared the House Financial Services Committee in July but has also been sluggish to progress.
Hill said that the result of the forthcoming election will determine the legislative agenda during the lame duck session. He further pointed out that any improvement in crypto control could potentially align with more general legislative agendas like the National Defense Authorization Act (NDAA).
Looking ahead, Hill stated that if the current Congress fails to enact these crypto rules, they would likely become a priority for the incoming 119th Congress in 2025.
Chair Rostin Behnam of the Commodity Futures Trading Commission (CFTC) voiced irritation at the lack of development and said that the agency’s attempts to control the crypto sector are now on hold. He still hopes a fresh government will bring about significant transformation.
Tether CEO Paolo Ardoino expressed similar views, saying that whoever wins the election should implement reasonable policies because the U.S. is lagging behind in crypto regulations.
Voters will decide the destiny of the presidency, all 435 House seats, and 34 Senate seats in the November 5 elections, therefore determining the course of events. Polls now show a close contest between Democrat Kamala Harris and Republican Donald Trump, therefore determining the direction of crypto control going forward.
