Republican Congressman French Hill of Arkansas has been working on cryptocurrency regulation for years and believes the sector will be as disruptive as the internet. (Madison Ogle)
We look for good political and legislative news wherever we can find it these days, and we found some good news lately with the passage of a bill in the U.S. House of Representatives that would establish a regulatory framework for the digital asset industry, including cryptocurrencies.
While not a perfect bill, the Republican proposal garnered bipartisan support, which is rare these days. U.S. Rep. French Hill, who helped introduce the 21st Century Financial Innovation and Technology Act, is vice chair of the House Financial Services Committee and heads the subcommittee on digital assets, financial technology, and inclusion.
The question is how digital assets, currently a lawless investment zone, will be defined, which will help dictate how they should be regulated. Under the bill, the Commodity Futures Trading Commission, rather than the Securities and Exchange Commission, would be the primary regulator for digital assets.
SEC Chairman Gary Gensler criticized the bill for being backed by the cryptocurrency industry, which we must admit is a cause for concern. Meanwhile, Hill said the bill would “stimulate innovation and investment in the sector.” At the very least, it's a step toward regulating this unregulated industry.
