cryptojournalist
The U.S. crypto industry has been stuck in limbo for years, waiting for clear rules. Earlier this year, the House passed the FIT21 bill, a bipartisan effort to regulate digital assets, but it never made it through the Senate.
Now, Congressman French Hill says Republicans are making this a top priority. Speaking to CNBC, he explained that GOP leader Steve Scalise plans to introduce a new crypto bill in the first 100 days of the next session. Hill didn’t hold back on criticizing SEC Chair Gary Gensler, saying:
“We don’t have real rules—just enforcement actions. That’s holding back innovation in blockchain and Web3.”
Why It Matters
The lack of clear rules has pushed some crypto companies to move overseas, leaving the U.S. behind in innovation. A proper framework could fix this, keeping businesses and jobs in the country.
What’s Changing?
With the Republicans’ big election win and Gensler stepping down, the crypto world is feeling hopeful. President-elect Trump is considering putting the CFTC in charge of crypto oversight, which would treat most digital assets as commodities. He also picked Paul Atkins, a known crypto supporter, to lead the SEC.
The FIT21 bill proposed splitting regulation between the SEC and CFTC, depending on how decentralized a digital asset is. If passed, it could finally give the industry the clarity it needs to thrive.
