Top Republican Representative French Hill has expressed optimism about the progress of two crucial bills related to cryptocurrency regulation, which are expected to make significant strides in 2024. He is also open to discussing concerns about illegal financial activities with senior Democrats.
During an event hosted by the Foundation for Defense Democracies, Rep. Hill discussed the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act. Both bills, focusing on stablecoin regulation and crypto market structure, advanced from the House Financial Services Committee last year. Hill, who leads the committee’s panel on digital assets, has collaborated with the committee’s chair, Patrick T. McHenry, on these legislations.
After moving forward with these bills, Hill mentioned that they have incorporated all amendments and suggestions into the drafts. The aim is to create a well-suited regulatory framework for stablecoins and address the overall structure of the crypto market.
Concerns about anti-money laundering and terrorist financing in the crypto sector have been high on the agenda for some lawmakers and the Biden Administration. Senator Elizabeth Warren has been advocating for a bill that extends Bank Secrecy Act requirements, including know-your-customer rules, to various entities in the cryptocurrency field.
Senate Banking Committee Chair Senator Sherrod Brown is also discussing a bill targeting the use of digital assets for money laundering. Rep. Hill indicated a willingness to address these concerns about illicit finance in the existing bills or through a separate bill, provided there is agreement among lawmakers and support from the Biden administration.
Rep. Hill confirmed that the market structure bill includes anti-money laundering (AML) provisions. This addition is part of the effort to ensure that the legislative framework addresses the various concerns surrounding using cryptocurrencies, including their potential misuse for illicit financial activities.
