U.S. Rep. French Hill, R-Ark., has been working on crypto-related regulations for several years. He says he believes the sector will be as disruptive as the internet. (Madison Ogle)
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We take our good political and legislative news where we can find it these days, and we found some with the passage late last month by the U.S. House of Representatives of a bill that lays out a regulatory framework for the digital assets industry, including cryptocurrencies.
It is not a perfect bill, but the Republican proposal received bipartisan support, which is a rarity these days. U.S. Rep. French Hill, who helped introduce the bill, the Financial Innovation & Technology for the 21st Century Act, is vice chair of the House Financial Services Committee and leads its Subcommittee on Digital Assets, Financial Technology & Inclusion.
At issue is how digital assets — currently the Wild West of investments — are defined, which in turn helps govern how they should be regulated. Under the bill, the Commodity Futures Trading Commission — rather than the Securities & Exchange Commission — would be the main regulator of digital assets.
SEC Chair Gary Gensler criticized the bill, which was backed by the crypto industry. And admittedly, that backing concerns us. For his part, Hill said the bill “will facilitate innovation and investing in that space.” It is, at least, a step toward regulating this unruly industry.
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