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

Representative French Hill, the next House Financial Services Committee chair, foreshadowed crypto policy pain points to focus on under the next U.S. administration.

Republican pro-crypto U.S. Representative French Hill will steer the House Committee toward relaxing banking regulation, standardizing crypto market structure, and improving capital formation to incentivize more companies to go public.

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

The Committee has been vocal about digital asset regulation, emphasizing the need to axe policy ambiguity and introduce clear rules. Under outgoing chair, Representative Patrick McHenry, the Committee pushed through proposals like the Financial Innovation and Technology for the 21st Century Act.

The bi-partisan supported FIT 21 would clarify crypto frameworks and assign the bulk of digital asset oversight to the smaller-funded Commodity Futures Trading Commission. FIT 21 was subject to Senator markups, and debates about the bill’s merits still abound.

Hill also commented on calls for a national strategic Bitcoin (BTC) reserve. Drumbeats in favor of a BTC stockpile grew louder in the Senate and across State Houses. 

Texas introduced legislation on Dex. 12 to this effect, while jurisdictions like Alabama and Pennsylvania could soon produce Bitcoin reserve proposals.

Despite the nationwide fever pitch around the idea, Rep. Hill reportedly said he’s unsure if the U.S. should create a Bitcoin reserve. Hill’s doubt contrasted promises from President-elect Donald Trump and the BITCOIN Bill tabled by Wyoming Senator Cynthia Lummis.