French Hill expects stablecoin bill approval by year end

U.S. Representative French Hill, Chairman of the Digital Assets Subcommittee, recently expressed optimism regarding the approval of the Stablecoin legislation by the end of the year. 

In a discussion on the Thinking Crypto Podcast, Hill outlined a timeline for the bill's passage and addressed the complexities surrounding SEC Chairman Gary Gensler's potential removal. 

Hill noted that the House of Representatives could approve the Stablecoin bill within this legislative session. 

However, he cautioned that if the bill does not pass this year, it would be prioritised in the new Congress. 

With new members elected to the House and Senate, the bill would need to be reintroduced in the upcoming year. 

He stated, “After the bill is read in the House in the first quarter, it could be approved within the second quarter.” 

In his remarks about Gensler, Hill acknowledged the challenges involved in removing the SEC chairman. 

He explained, “It is unclear how Trump could remove Gensler. The SEC is an independent agency, and even the courts are uncertain about this.” 

While Hill suggested that Trump could request Gensler's resignation, he also expressed dissatisfaction with Gensler’s performance, saying, “I believe Gensler has not performed well as SEC chairman, and I hope for an innovative replacement.” 

The landscape for cryptocurrency regulation appears to be shifting, with increased congressional support anticipated. 

Hill observed that crypto PACs have become influential in the current election cycle, prompting politicians to refrain from making negative comments about cryptocurrencies across party lines. 

This growing support bodes well for the Stablecoin bill and other regulatory measures. 

Additionally, Tether CEO Paolo Ardoino's advocacy for stablecoin regulations further reinforces this legislative momentum. 

Hill’s insights provide a crucial outlook on the future of cryptocurrency regulations in the United States. 

The developments surrounding the Stablecoin bill and potential changes within the SEC could significantly impact the regulatory environment for digital assets.