Congressman French Hill, who chairs the House Digital Assets Subcommittee, provided a timeline for passage of the stablecoin bill, suggesting it could be passed as early as the end of the year. Interestingly, the congressman also provided insight into the process of removing Securities and Exchange Commission (SEC) Chairman Gary Gensler.
French Hill raises possibility of stablecoin bill being passed by year-end
During an interview on the Thinking Crypto podcast, a US lawmaker suggested that the US House of Representatives could pass a stablecoin bill by the end of the year. He added that if it fails to pass this year, the stablecoin bill will be the committee’s top priority in the new year.
As for how quickly that could happen in the new year, he said the second quarter is a realistic target because the bill will need to be re-introduced in the House and Senate as new U.S. members take office after the November elections. Explained.
Therefore, French-Hill pointed out that reading of the bill will probably occur in the first quarter of this year, and then it could be passed in the second quarter. The congressman also revealed that he has been consulting with several senators and laying the groundwork for the bill’s passage.
Even if Congress does not pass this year, there is optimism that the stablecoin bill will become law by next year. As reported by CoinGape, the next US Congress could be the most pro-crypto session ever, which could make it easier to pass bills and other crypto regulations.
Moreover, Donald Trump, who has expressed support for the cryptocurrency industry, is currently leading in US presidential polls. This means that the next US administration may take a friendlier approach towards cryptocurrencies. French Hill’s insights come as Tether CEO Paolo Ardoino calls for stable cryptocurrency regulation in the United States.
Process of firing Gary Gensler
French Hill also provided insight into how Donald Trump might fire Securities and Exchange Commission Chairman Gary Gensler. The former president promised to do so from day one if elected president-elect. Hill suggested that it would not be easy for Trump to fire Gensler, especially given that Gensler’s term ends in June 2026.
The lawmaker said the court was not clear how President Trump could do this because the SEC is an independent agency. But French Hill said it is common practice for presidents to send letters to officials like Gensler on inauguration days asking them to consider resigning in favor of new political appointees. pointed out. In this situation, Mr. Gensler may resign as SEC Chairman but remain on the SEC as a commissioner.
French Hill said he doesn’t think Gensler has done a good job as SEC chairman. He believes that either Donald Trump or Kamala Harris should replace the SEC chair with someone who will promote innovation and use the SEC’s authority to provide immunity to emerging industries, such as the crypto industry. He added that he hopes for
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Boluwatife Adeyemi
Boluwatife Adeyemi is an experienced cryptocurrency news writer and editor who has covered topics spanning DeFi, NFTs, smart contracts, blockchain interoperability, and more, among others. Boluwatife has a knack for simplifying the most technical concepts and making them easier for crypto beginners to understand. Outside of writing, he is an avid basketball fan and part-time enthusiast.
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