Summary
Republican Rep. French Hill expressed optimism about the passage of bills to regulate stablecoins and address market structure in 2024. He discussed the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act, which advanced out of the House Financial Services Committee last year. Hill, who leads the committee’s digital assets focused panel, stated that they have incorporated amendments and suggestions into the bills and are working to address concerns about illicit finance. He is open to input from top Democrats on these issues.
Key Points
1. Top Republican Rep. French Hill is optimistic about the prospects of a bill to regulate stablecoins and another focused on market structure in 2024. He is open to hearing views from top Democrats about illicit finance.
2. The Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act, both of which advanced out of the House Financial Services Committee last year, are the focus of discussions. Hill leads the House Financial Services Committee’s digital assets focused panel and has worked on legislation with the committee’s chair, Patrick T. McHenry.
3. There are ongoing discussions about including provisions for addressing illicit finance concerns in the bills. Senators Elizabeth Warren and Sherrod Brown have expressed interest in targeting anti-money laundering and alleged terrorist financing involving crypto. Hill and others are open to finding a solution that addresses these concerns and has support from the Treasury, the Biden administration, and the House.