Rep. French Hill focused on flexible crypto market and IPO rules

Rep. French Hill, the next House Financial Services Committee chairman, foreshadowed pain points in crypto policy that should be focused on under the next US administration.

Republican pro-crypto U.S. Rep. French Hill will direct the House Committee to loosen banking regulations, standardize crypto market structure and improve capital formation to encourage more companies to go public.

Rep. Hill shared these ideas during a CNBC interview just hours after defeating fellow Republicans in the race to become the next House Financial Services Committee chairman.

The committee has been vocal on digital asset regulation, emphasizing the need to remove policy uncertainty and introduce clear rules. The Committee, chaired by outgoing Rep. Patrick McHenry, has implemented proposals such as the Financial Innovation and Technology for the 21st Century Act.

The bipartisanly supported FIT 21 would clarify crypto frameworks and transfer the bulk of digital asset oversight to the smaller-funded Commodity Futures Trading Commission. FIT 21 was subject to Senators price increases, and debate on the merits of the bill still abounds.

Hill also commented on calls for a national strategic Bitcoin (BTC) reserve. The drumbeat in favor of BTC stock has grown louder in the Senate and State Legislatures.

Texas passed legislation regarding Dex. Jurisdictions such as Alabama and Pennsylvania may soon produce Bitcoin reserve offerings.

Despite the nationwide fervor of the idea, Rep. Hill reportedly said he wasn’t sure whether the U.S. should create a Bitcoin reserve. Hill’s skepticism was at odds with the promises of President-elect Donald Trump and the BITCOIN Bill tabled by Wyoming Senator Cynthia Lummis.