According to ChainCatcher, as reported by Cointelegraph, the new chairman of the U.S. House Financial Services Committee, French Hill, stated that there is an urgent need for a crypto market structure bill, which is a "top priority" for the Republicans, and plans to introduce a comprehensive crypto market structure bill within the first 100 days of the upcoming legislative session.
The approval of the market structure bill will eliminate the regulatory uncertainty that has overshadowed the U.S. crypto industry for years. Supportive legislation for crypto could pave the way for the U.S. to promote digital asset innovation and prevent crypto companies from outsourcing offshore. French Hill also criticized the current regulatory approach under SEC Chairman Gary Gensler.
He said: "Under the leadership of Chairman Gensler, we have not established traffic rules. We only have enforcement supervision. This does not help America succeed, nor does it assist in technological advancement, Web3 innovation, or the application of blockchain in publicly traded companies and financial services."
