In apparent agreement with former President Donald Trump’s changing views on cryptocurrencies, US Congressman and Chairman of the Arkansas Digital Assets Subcommittee French Hill has confirmed that Support Some see the FIT21 bill as the kind of regulatory framework Trump would likely support if reelected.
French Hill Doubles Down on Trump’s Crypto Approach
In an interview on CBNC SquawkBox on Wednesday, French Hill, a well-known advocate for innovation in digital assets, asserted that the 21st Century Financial Innovation and Technology Act (FIT21) reflects a balanced approach to cryptocurrency regulation, which is in line with Donald Trump’s recent pro-crypto stance.
The cryptocurrency bill was introduced in May and passed by a majority of the U.S. House of Representatives, with 139 members voting against the strategy and 279 members voting in favor. Of the 279 votes cast to pass the bill, about 71 were from Democrats, including House Speaker Nancy Pelosi, while the remaining 208 votes were from Republicans.
Hill stated:
The FIT21 Act that we passed in the House of Representatives with a 71-0 Democratic vote is exactly the kind of regulatory framework for digital assets that former President Trump would have supported if he were reelected and returned to the White House.
Since the law will give both the SEC and the CFTC joint authority to regulate the cryptocurrency industry, the lawmaker believes the move will guide both bodies on what type of Regulatory Framework Necessary for the industry to flourish.
He also noted that if the approach is not passed by the end of this conference, he will recommend the bill to the president for approval. This is because he believes the framework is the best course of action for innovative individuals launching crypto assets, and a related company that handles those assets, and ensures consumer protection.
Supporting modern financial systems
French Hill’s comments come as Trump’s potential re-election campaign gains momentum and his positions on important issues like digital assets grow in importance.
Donald TrumpBut at the same time, US President Donald Trump, who had previously expressed skepticism about cryptocurrencies, has taken a more positive stance. He has acknowledged in a number of public appearances that digital assets have the potential to spur innovation and economic expansion.
The change Trump has brought about is indicative of a larger trend among industry and officials who recognize the strategic value of embracing blockchain and cryptocurrency technologies. By ramping up support for Trump, Cryptocurrency Friendly PoliciesThe congressman portrays himself and the broader Republican agenda as champions of a modern financial system that welcomes technological progress.
Hill’s support is crucial as the U.S. struggles to define its strategy for digital assets in the face of increasing international competition. Given Trump’s shifting pro-crypto stance and the support of a popular lawmaker like French Hill for the FIT21 bill, a more favorable regulatory environment for the sector may be on the horizon.
Featured image by X, chart by Tradingview.com