As a seasoned researcher and follower of U.S. politics and the crypto space, I have witnessed numerous twists and turns throughout my career. The current situation with Representative French Hill’s optimism for the passage of key crypto bills before the end of the year is intriguing but not entirely surprising.
U.S. Representative French Hill, who heads the U.S. House’s digital assets subcommittee, remains hopeful that two crucial cryptocurrency-related bills may progress through Congress and be passed before the end of this year.
Representative Hill stated during a virtual event on October 22, at DC Fintech Week, that it’s essential to determine now what’s practically achievable in this current situation.
“I’m still optimistic that FIT21, which is the regulatory framework bill, and the stablecoin bill have possible consideration in the lame duck.”
During specific periods in the United States, a Congress is referred to as a “lame-duck” session. This happens when the current Congress remains active after an election but before the newly elected one takes office, which this year will be from November 5th until January.
In the realm of cryptocurrencies, there’s been keen interest in the advancements of two pieces of legislation. One proposal aims to transfer greater regulatory oversight to the Commodity Futures Trading Commission, which is perceived as a more accommodating regulator for crypto. The other bill seeks to establish a regulatory structure specifically for stablecoins.
Despite the House approving the Financial Innovation and Technology for the 21st Century Act (FIT21) in May, its progress has come to a halt in the Senate banking committee.
As a crypto investor, I’ve noticed that similar to our efforts in establishing regulations, the House has been working on a bill for a regulatory framework specifically for stablecoins. Currently, these digital assets operate under state-level money transmitter laws, but progress has been slow. Last July, the House Financial Services Committee, headed by Patrick McHenry, made a step forward by passing this bill. However, just like our wait for clearer crypto guidelines, this bill too has faced delays and hasn’t yet moved further.
As a researcher, I can express this statement as follows: “During all lame duck sessions, the course is typically steered by the winner of the presidential election. Therefore, this outcome will likely influence the direction of our ongoing work.
Any actions taken regarding the bills are dependent on the current Congress passing the final legislation, which encompasses the defense budgeting bill – the National Defense Authorization Act (NDAA). In simpler terms, any changes to the bills require approval from the outgoing Congress, including the NDAA.
Chairman McHenry might find it intriguing to explore the potential link between financial services and the National Defense Authorization Act (NDAA),” Hill suggested.
If the ongoing Congress fails to pass cryptocurrency legislation, it will become a critical focus for the 119th Congress.
On October 22nd, the Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, expressed that his agency was facing constraints in moving forward with crypto regulations due to the current stalemate in discussions. However, he remains optimistic that a new president and Congress will bring progress on this matter, but not before the end of the year.
According to Tether CEO, Paolo Ardoino, he voiced his opinion at DC Fintech Week, stating that the U.S. has been neglecting cryptocurrency matters and expressed hope for the enactment of “reasonable cryptocurrency regulations,” regardless of the election’s outcome.
As an analyst, I’m preparing to share some insights. On November 5th, it’s my turn to cast my vote, as the President, Vice President, every single seat in the House of Representatives (435 in total), and about one-third of the Senate seats (that is, 34 out of 100) are all up for election in the United States.
According to the latest national polls conducted by FiveThirtyEight, Democratic nominee Kamala Harris and Republican incumbent Donald Trump are almost tied, with Harris currently holding a slim lead of approximately 1.7% as of October 22nd.
According to other surveys, it appears that the public is divided as well, favoring either the Democrats or the Republicans for composing the upcoming House and Senate. However, the Democrats have a slight advantage of just 1.3% over their Republican counterparts.
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2024-10-23 08:58