- Hill has long criticized Gensler’s handling of crypto issues
- He urged the Senate to advance FIT21, with CFTC oversight for spot crypto exchanges
As a seasoned financial analyst with years of experience observing the intersection of technology and finance, I have witnessed the meteoric rise of cryptocurrencies and their transformative impact on various sectors, including politics and regulation.
By 2024, the cryptocurrency sector has garnered substantial attention and importance. Its impact extends beyond the headlines as it significantly influences the outcome of the presidential elections and shapes the regulatory stance of the Securities and Exchange Commission (SEC) towards digital assets.
Is Gensler’s position at stake?
In light of the increasing popularity of cryptocurrencies and the opposing views of Securities and Exchange Commission (SEC) Chair Gary Gensler, Representative French Hill expressed his opinions regarding who should lead the SEC in the future.
Speaking on the latest edition of the Unchained podcast, Hill commented,
“Hester Peirce would always be my recommendation to become Chair.”
In this context, Hill is talking about Hester Maria Peirce, who holds the position of a Commissioner at the Securities and Exchange Commission in the United States.
Hill pointed out that while Gensler boasts impressive credentials, his methods regarding innovation, securing investment, and dealing with digital assets have fallen short of expectations within the cryptocurrency world.
Hill took issue with Gensler’s hold-up in granting approval for Bitcoin [BTC] and Ethereum [ETH] exchange-traded products (ETPs). This matter became so pressing that it necessitated federal court intervention. The judiciary subsequently referred to this situation as,
“Arbitrary and capricious!”
Why does Rep. Hill appreciate the FIT21 bill?
During the course of their discussion, Representative Hill talked about the advancements and obstacles surrounding the enactment of cryptocurrency regulations in the US.
The legislator commended the far-reaching FIT21 bill, which garnered bipartisan approval in the House, for tackling regulatory challenges concerning stablecoins and digital assets.
“We’ve made that kind of progress in less than a year.”
He similarly recognized the Senate’s initiatives, specifically those led by Senators Boozman, Lummis, and Gillibrand. Yet, Hill expressed disappointment over the sluggish advancement of the Senate Banking Committee.
Furthermore, he emphasized the importance of having more distinct guidelines and advocated for political unity among senators. He encouraged the Senate to act on this matter accordingly.
“Use the few remaining days we have here in this Congress to help move this legislation.”
Why does CFTC oversight for spot crypto exchanges make sense?
Lastly, for greater clarity, he proposed the possibility of transferring responsibility for overseeing transactions in popular digital currencies at trading venues to the Commodity Futures Trading Commission (CFTC).
Several voices in the cryptocurrency community have raised objections to this proposition. Nevertheless, based on thorough deliberations and public hearings, Hill asserts that the Commodity Futures Trading Commission (CFTC) holds the jurisdiction for regulating oversight. Given that Bitcoin and Ethereum are commonly viewed as commodities within the industry, this designation seems fitting.
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2024-07-20 15:36