French Hill, a senior Republican, said he was optimistic about the prospects for legislation regulating stablecoins and a bill focused on market structure in 2024. He is also ready to hear the views of top Democrats on illicit finance.
The Arkansas Republican cited clarity on the Stable Currency Act and the 21st Century Financial Innovation and Technology Act, introduced last year by the House Financial Services Committee, at an event hosted by the Defense Democracy Foundation on Monday.
“I remain optimistic that the bill will come to fruition in 2024,” Hill said during the panel discussion. “I’ve been very pleased with all the meetings I’ve attended, both parties and the administration. But there’s the issue of timing. As you know, timing is everything in politics. But when there’s so much on our plate, we’re all navigating it. “
Hill leads the House Financial Services Committee’s Digital Asset Focus Panel. worked We discuss the bill with Committee Chairman Patrick T. McHenry, R.N.C. The committee introduced two bills last summer that would regulate stablecoins at the federal level and take a comprehensive approach to cryptocurrency market structure.
After advancing the bill, Hill said he accepted any amendments or suggestions and incorporated them into the text in the fall.
“We have completed the end of calendar 2023 with what we believe is a very good working draft of a fit-for-purpose regulatory framework bill, and we continue to work with our colleagues on the other side of the aisle, in the Executive and Regulatory Departments. Environment — Stablecoin Bill How to get the best results from ,” Hill said.
Will that bill include illicit funds?
Anti-money laundering and terrorist financing charges related to cryptocurrencies have been at the forefront of concerns from the Biden administration as well as some lawmakers. Massachusetts Senator Elizabeth Warren has been pushing legislation for the past year aimed at expanding Bank Secrecy Act requirements, including know-your-customer provisions, to miners, validators, wallet providers and others.
Sen. Sherrod Brown (D-Ohio), chairman of the Senate Banking Committee, who will play a key role in advancing cryptocurrency legislation in the House, said he is discussing legislation targeting the use of digital assets for money laundering. Politico.
Hill told reporters after Monday’s panel that he, McHenry and others are working on it. “Look for places where you can provide features in the two bills we have or in other bills that address members’ concerns about illicit finance that have not yet been addressed.”
“We addressed these issues in the drafting and amendment of the stablecoin bill and the fit-for-purpose bill, but Senators Brown and Warren are looking for something constructive that the Treasury Department supports, and so does the Biden administration, and we support that. I am pleased to hear that we have support in the House of Representatives,” Hill said.
Hill also confirmed to reporters that there are AML provisions in the market structure text.
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