Republican

Paul Atkins

Donald Trump

United States representative French Hill recently appeared on CNBC and said that the US desperately needs a crypto market structure bill, which he described as a “top priority” for the Republican Party.
According to Representative Hill, GOP majority leader Steve Scalise aims to introduce a comprehensive crypto market structure bill within the first 100 days of the upcoming legislative session. Hill also <a data-ct-non-breakable="null" href="https://www.cnbc.com/video/2024/12/13/rep-french-hill-on-crypto-we-need-a-market-structure-for-digital-assets.html" rel="nofollow noopener" target="_blank" text="null" title="https://www.cnbc.com/video/2024/12/13/rep-french-hill-on-crypto-we-need-a-market-structure-for-digital-assets.html">criticized</a> the current regulatory approach under Securities and Exchange Commission Chair Gary Gensler:
<blockquote>
 “We don't have rules of the road. Under Chairman Gensler, we had just regulation by enforcement. This is not helping America succeed, not helping technological advance, innovation for Web3, [or] the use of blockchain both in publicly traded companies and in financial services."
</blockquote>
The approval of a market structure bill should help lift the regulatory uncertainty that has hung over the US crypto industry for years. Proponents of such bills say that pro-crypto legislation could pave the way for the US to foster digital asset innovation and prevent crypto firms from offshoring.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/french-hill-chair-house-financial-services-committee" rel="null" target="null" text="null" title="null">French Hill to chair House Financial Services Committee in 2025</a>
<h2 id="us-crypto-industry-optimistic-about-regulatory-future">US crypto industry optimistic about regulatory future</h2>
The sweeping electoral victory of the Republican Party in November and the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-chair-gary-gensler-step-down" rel="null" target="null" text="null" title="null">upcoming resignation of Gensler</a> from the SEC have many industry executives optimistic about the future of digital asset regulations in the US.
In May, Congress passed the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/fit21-bill-crypto-congress-cftc-sec-us" rel="" target="_self" text="null" title="https://cointelegraph.com/news/fit21-bill-crypto-congress-cftc-sec-us">Financial Innovation and Technology for the 21st Century Act (FIT21)</a>. The market structure bill outlined a comprehensive regulatory framework for digital assets. However, the bill was halted in the Senate and was never passed into law.
<figure>
 <img alt="Congress, Bitcoin Regulation, US Government" src="https://s3.cointelegraph.com/uploads/2024-12/0193c18d-6c98-70e7-8f5c-25485563640d" title="">
 <figcaption style="text-align: center;">
 A brief outline of the provisions in the FIT21 market structure bill. Source: <a data-ct-non-breakable="null" href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409251" rel="nofollow noopener" target="_blank" text="null" title="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409251">House Financial Services Committee</a>
 </figcaption>
</figure>
Nestled within the FIT21 legislation was a provision to regulate digital assets under either the SEC or the Commodity Futures Trading Commission (CFTC), depending on the specific digital asset’s level of decentralization.
President-elect Donald Trump is reportedly considering <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-plans-cftc-for-crypto-regulator-report" rel="null" target="null" text="null" title="null">handing the CFTC oversight over crypto</a> during his upcoming term, which would also classify most crypto projects as commodities if they meet certain criteria.
Trump also <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-nominates-paul-atkins-replace-gensler-sec-chair" rel="null" target="null" text="null" title="null">nominated pro-crypto Paul Atkins</a> to replace Gensler as SEC chair and cited Atkins’ role as co-chairman of the Digital Chamber’s Token Alliance as one of the reasons for the nomination.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-four-years-grow-cant-be-shut-down-kain-warwick-infinex/" rel="null" target="null" text="null" title="null">Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex</a>

Market structure bill on agenda in first 100 days — Rep. French Hill

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