According to Cointelegraph, Congressman French Hill emphasized the urgent need for a comprehensive crypto market structure bill in the United States, labeling it a "top priority" for the Republican Party. Hill highlighted that GOP majority leader Steve Scalise plans to introduce this legislation within the first 100 days of the upcoming legislative session. He criticized the current regulatory framework under Securities and Exchange Commission (SEC) Chair Gary Gensler, stating that the existing approach relies heavily on regulation by enforcement rather than clear guidelines. Hill argued that this method hinders America's success and stifles technological advancements, innovation in Web3, and the use of blockchain in publicly traded companies and financial services.
The approval of a market structure bill is seen as a crucial step to eliminate the regulatory uncertainty that has plagued the US crypto industry for years. Proponents believe that such legislation could foster digital asset innovation and prevent crypto firms from relocating offshore. The recent electoral success of the Republican Party and the resignation of Gensler from the SEC have fueled optimism among industry executives about the future of digital asset regulations in the US.
In May, Congress passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which proposed a comprehensive regulatory framework for digital assets. However, the bill stalled in the Senate and did not become law. The FIT21 legislation included provisions to regulate digital assets under either the SEC or the Commodities Futures Trading Commission (CFTC), depending on the asset's level of decentralization. President-elect Donald Trump is reportedly considering granting the CFTC oversight over crypto during his upcoming term, potentially classifying most crypto projects as commodities if they meet specific criteria. Trump has also nominated pro-crypto Paul Atkins to replace Gensler as SEC chairman, citing Atkins' role as co-chairman of the Digital Chamber's Token Alliance as a key factor in his nomination.