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Highlights
- Rep. French Hill noted that Donald Trump will embrace pro-crypto laws.
- He tipped the FIT21 bill as the type of framework to be adopted.
- This comes after the digital asset industry gains momentum ahead of the polls.
United States lawmaker French Hill noted that Donald Trump will take a more crypto-friendly approach than the present administration. The run-up to the Presidential Election has seen crypto become an issue with lawmakers making huge statements ahead of the polls. Donald Trump has also moved closer to the sector making a pro-crypto case.
French Hill Backs Trump’s Pro Crypto Stance
Republican lawmaker, French Hill explained the type of crypto regulatory framework he feels Donald Trump might adopt in the country. In a recent CNBC interview, French Hill stated that the recently passed FIT21 bill is the type of regulatory framework the Trump administration will adopt in the sector.
#FIT21 that passed the House with 71 Democratic votes is exactly the kind of regulatory framework for digital assets that former President Trump would support if he were re-elected.
Watch more on @SquawkCNBC🔽 pic.twitter.com/ceTmU4LApU
— French Hill (@RepFrenchHill) July 3, 2024
The FIT21 bill is tipped to protect investors and consumers in the market by stating clear rules and powers of different regulatory bodies in the sector. According to Hill, Trump will adopt it because it directs the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) on the specific regulatory framework needed in the market.
“… for people who are innovative and starting a token crypto, a related firm, custody of those assets, how to make sure consumers are protected, so that framework I think is the right approach and that’s what I will recommend for the President that he endorses, is we haven’t passed it between now and the end of this Congress.”
Furthermore, he tipped Trump to be a pro-growth and innovative President on financial matters.
Crypto Becoming Mainstream
This election cycle saw the crypto industry taking a place in mainstream issues following wider adoption across demographics. From candidates moving toward enthusiasts to recent pro-legislation in Congress, crypto assets have become a rallying point for officials. The US regulatory landscape has been criticized for stifling growth due to frequent SEC lawsuits. This led to executives pushing for pro-crypto laws and raising funds for pro-industry candidates.
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