In striking alignment with former President Donald Trump’s changing views on cryptocurrencies, United States Congressman and Chairman of the Arkansas Digital Asset Subcommittee French Hill has firmly supported the FIT21 bill as the kind of regulatory framework Trump would likely support if re-elected.
French Hill Doubles Down on Trump’s Crypto Approach
In an interview on CBNC SquawkBox on Wednesday, French Hill, a well-known advocate for digital asset innovation, emphasized that the Financial Innovation and Technology for the 21st Century Act (FIT21) reflects a balanced approach to crypto regulation, in line with Donald Trump’s recent pro-crypto stance.
The pro-crypto bill, introduced in May, was approved by a majority of members 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, approximately 71 were for Democrats, including House Speaker Nancy Pelosi, while the remaining 208 votes were for Republicans.
Hill stated:
The FIT21 Act, which we passed through the House of Representatives with 71 Democratic votes, is exactly the kind of digital asset regulatory framework that former President Trump would support if he were re-elected and returned to the White House.
Since the law will give both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) joint powers in regulating the cryptocurrency industry, lawmakers believe that this move will guide both agencies in the area of regulatory framework is needed to grow the industry.
He further noted that if the approach had not been adopted by the end of this Congress, he would recommend the bill to the President for approval. This is due to his confidence in the framework as the best course of action for individuals who are innovative and launch crypto assets, a related business, manage those assets, and ensure consumer protection.
Defending Modern Financial Systems
French Hill’s comments come amid growing interest in Trump’s potential re-election campaign and the growing importance of his positions on key issues such as digital assets.
Donald Trumpwho previously expressed doubts about cryptocurrencies, has now taken a more positive stance. He has admitted in a number of public appearances that digital assets have the potential to stimulate innovation and economic expansion.
Trump’s change is indicative of a larger trend among industry and government officials who understand the strategic value of adopting blockchain and cryptocurrency technologies. The support for Trump’s crypto friendly policyThe lawmaker is positioning itself and the broader Republican agenda as champions of the modern financial system that embraces technological advances.
Hill’s support is crucial as the U.S. struggles to define its digital asset strategy amid growing 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 could be on the horizon.
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