New US Financial Services chair French Hill targets crypto regulation in first 100 days
French Hill, Arkansas Republican and the new chairman of the House Financial Services Committee has his eyes locked on crypto.
Hill, who took the reins on December 13, laid out a clear agenda on CNBC’s Squawk Box. Hill’s top priority? To fix the regulatory chaos that’s been crippling the crypto industry while pushing innovation and making U.S. financial markets more competitive.
He has come into this role amid huge political changes, including the Republican Party’s sweeping victories in November. These changes, along with SEC Chair Gary Gensler’s upcoming resignation, have triggered a full-on bull run.
Crypto regulation, stablecoins, and FIT21
Hill wants to end the SEC’s “regulation by enforcement” approach, he said. “We need a market structure for digital assets… This is not helping America succeed.”
At the heart of Hill’s strategy is the Financial Innovation and Technology for the 21st Century Act, or FIT21. This comprehensive bill proposes a regulatory framework for crypto, dividing oversight between the SEC and the Commodity Futures Trading Commission (CFTC) based on a project’s level of decentralization.
Despite passing in the House earlier this year, the bill stalled in the Senate. Hill is determined to push it forward, with House Majority Leader Steve Scalise promising to prioritize the legislation within the first 100 days of the new congressional session.
Stablecoins are another pillar of Hill’s agenda. He’s advocating for a U.S.-backed stablecoin as part of broader efforts to modernize payment systems and keep America competitive.
“Our Majority Leader Steve Scalise has it on his first 100 days of the House to move a regulatory structure bill for digital assets,” Hill said.
A strategic Bitcoin reserve?
One of the most intriguing topics Hill addressed is the idea of a national Bitcoin reserve. This concept has gained traction among Republicans, with President-elect Donald Trump pledging to establish such a reserve during his campaign.
Wyoming Senator Cynthia Lummis, a prominent crypto lover, has already drafted a bill that would require the U.S. Treasury to acquire one million Bitcoin over five years.
Texas Representative Giovanni Capriglione is pursuing a similar plan at the state level, proposing a Bitcoin reserve funded through donations.
When asked about the federal government adopting a Bitcoin reserve, Hill expressed caution. “I’d have to think long and hard about what value that is to the United States or the Treasury,” he said during the interview.
His response suggests a more measured approach compared to the outright enthusiasm shown by some of his Republican colleagues.
Trump is considering handing the CFTC oversight of digital assets, a move that would classify most crypto projects as commodities if they meet certain criteria. Trump has also nominated Paul Atkins, a known crypto advocate, to replace Gensler as SEC chair.
Atkins’ past work as co-chair of the Digital Chamber’s Token Alliance is seen as a promising sign for the industry, which has long been calling for leadership that understands the nuances of blockchain technology.
Banking reforms and capital markets
Hill isn’t just focused on crypto. His agenda includes reforms aimed at easing the regulatory burden on smaller banks and improving capital formation for public companies.
He criticized the current banking regulations for driving consolidation toward the largest financial institutions.
“The regulatory burden actually pushes consolidation in the banking industry to the largest bank because nobody can cope with the regulatory burden,” Hill said.
His focus on capital markets is just as sharp. Hill wants to remove what he calls “barnacles on the ship of state,” referring to outdated rules that make it harder for companies to go public.
He’s pushing for a streamlined regulatory environment that encourages innovation while maintaining strong consumer protections. These reforms, Hill argues, will make U.S. markets more attractive and competitive on a global scale.
Hill also emphasized the need for stronger partnerships between banks and fintech companies. He believes fintech can play a critical role in improving compliance and customer service, two areas where traditional banking often falls short.
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Bitcoin powers above S$140,000 for first time
Bitcoin surged to a record high above US$105,000 in early Asian trade on Monday (Dec 16), boosted by comments from President-elect Donald Trump that suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve.
Bitcoin hit a high of US$105,142 (S$141,785) and last traded at US$104,609.
The price rose on news reports over the weekend that Trump would go ahead with a bitcoin strategic reserve fund, according to Tony Sycamore, an analyst at IG.
"We're in blue sky territory here," Sycamore said. "The next figure the market will be looking for is US$110,000. The pullback that a lot of people were waiting for just didn't happen, because now we've got this news."
Bitcoin has surged more than 50 per cent since the Nov 5 election that saw Trump elected along with many other pro-crypto candidates.
"We're gonna do something great with crypto because we don't want China or anybody else — not just China but others are embracing it — and we want to be the head," Trump told CNBC late last week.
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: "Yeah, I think so."
The cryptocurrency industry spent more than US$119 million backing pro-crypto US congressional candidates, hoping to boost those who would pass crypto-friendly bills to promote digital assets.
Trump this month named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
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Bitcoin surges to record high above $106,000 on strategic reserve hopes
Bitcoin, the world's biggest and best known cryptocurrency, hit a high of $106,533 and last traded at $105,688.
Bitcoin surged to a record high above $106,000 in early Asian trade on Monday, boosted by comments from President-elect Donald Trump that suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve.
Bitcoin, the world's biggest and best known cryptocurrency, hit a high of $106,533 and last traded at $105,688. Smaller crypto ether rose nearly 3 per cent to 4,014.
"We're in blue sky territory here," said Tony Sycamore, an analyst at IG. "The next figure the market will be looking for is $110,000.
The pullback that a lot of people were waiting for just didn't happen, because now we've got this news."
"We're gonna do something great with crypto because we don't want China or anybody else - not just China but others are embracing it - and we want to be the head," Trump told CNBC late last week.
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: "Yeah, I think so." Other countries have also been considering cryptocurrency strategic reserves.
Russian President Vladimir Putin earlier this month questioned the need to hold state reserves in foreign currencies, saying that domestic investment of such reserves was more attractive.
Putin said the current US administration was undermining the role of the U.S dollar as the reserve currency in the global economy by using it for political purposes, forcing many countries to turn to alternative assets, including cryptocurrencies.
There are skeptics though, with Federal Reserve Chair Jerome Powell likening bitcoin to gold earlier this month."People are not using it as a form of payment, or as a store of value. It's highly volatile, it's not a competitor for the dollar."
Crypto boost
Bitcoin has surged more than 50 per cent since the Nov. 5 election that saw Trump elected along with many other pro-crypto candidates.
The total value of the cryptocurrency market has almost doubled over the year so far to hit a record over $3.8 trillion, according to data provider CoinGecko.
Trump this month named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.
Trump also said he would nominate pro-crypto Washington attorney Paul Atkins to head the Securities and Exchange Commission.
On Friday, exchange operator Nasdaq said MicroStrategy will be added to the tech-heavy Nasdaq-100 Index after a meteoric surge in the shares of the bitcoin buyer.
MicroStrategy, an aggressive investor in the world's largest crypto asset, has seen its shares soar more than six-fold this year, taking its market value to almost $94 billion. It is now the largest corporate holder of the cryptocurrency.
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