United States Representative French Hill provided an update on the outlook for crypto-focused legislation in Congress for 2024. As chair of the House Financial Services Subcommittee on Digital Assets, Hill said he hopes to see two major bills “come to fruition” this year.
The bills – covering topics like stablecoins and a regulatory framework for crypto – were marked up by Hill’s subcommittee and the broader Financial Services Committee last July before stalling. Hill maintained optimism the bills share “very good working drafts” and could advance in tandem going forward.
With the U.S. elections in 2024, leadership changes could shift the landscape again for crypto legislation next year. House Financial Services chair Patrick McHenry surprisingly announced he won’t seek reelection. Prospective Republican presidential nominee Donald Trump also claimed he’d block any central bank digital currency if reelected.
For now, Hill emphasized the need for thoughtful stablecoin guardrails to support dollar dominance and global trade without condoning an unregulated foreign CBDC. The next months will prove pivotal in determining if Congress can capitalize on years of crypto bill drafting or if legislation remains elusive even with growing bipartisan urgency.
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