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U.S. Representative French Hill, newly appointed chair of the House Financial Services Committee, is prioritizing digital asset legislation in 2025. He aims to establish a clear regulatory framework for digital assets and stablecoins, addressing the current "regulation by enforcement" approach under the SEC. Hill's agenda includes investigating politically motivated debanking practices and fostering an environment for innovation in the crypto sector.
Rep. French Hill emphasized the urgent need for a comprehensive crypto market structure bill, labeling it a top priority for the Republican Party. He criticized the current regulatory environment under SEC Chair Gary Gensler, advocating for clearer rules to foster innovation in the US crypto industry. Following the GOP's electoral success and Gensler's resignation, industry leaders are optimistic about future regulations, especially with potential oversight shifts to the CFTC under President-elect Trump.
Congressman French Hill has been appointed as the next chair of the House Financial Services Committee, succeeding Patrick McHenry. Hill, a proponent of cryptocurrency legislation, aims to clarify regulatory roles between the SEC and CFTC and investigate initiatives targeting the crypto sector. He will officially assume his role on January 3, 2025.
Elon Musk and Vivek Ramaswamy are advocating for significant federal spending cuts through their Department of Government Efficiency (DOGE), but face challenges in Congress, particularly with a proposed $2 trillion reduction deemed unrealistic. While some Republicans are open to limited reforms, the majority of mandatory spending programs remain off-limits, complicating efforts to achieve substantial cuts. Additionally, proposals to require federal employees to return to the office are gaining traction, though the impact on overall spending may be minimal.
Republicans are preparing to extend the 2017 tax cuts, which could increase the deficit by $5 trillion, according to the CBO. While some lawmakers argue that these cuts will stimulate economic growth and revenue, others express concern over the ballooning deficit and advocate for offsetting measures. The internal debate reflects a divide within the party on how to balance tax policy with fiscal responsibility.
Steve Scalise
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French Hill outlines digital asset regulatory plans as House Financial Services chair
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