During an interview, a newly appointed congressman French Hill to lead the House Financial Services Committee disclosed his priority to create a market structure for digital assets. French Hill said their majority leadership has a common goal to move a regulatory bill for digital assets within the first 100 days of the House.
While responding to his stance over the Bitcoin reserve, French Hill shared his skepticism, saying “I’d have to think long and hard about what value of Bitcoin reserve to the United States treasury”.
With Bitcoin reaching new all-time highs with the $100,000 mark ahead of Trump’s inauguration, his bold pledge to retain all U.S. government-owned Bitcoin sparks both excitement and doubt. At the same time, Senator Lummis advocates for creating a national Bitcoin reserve, as critics show cautious optimism about a potential bull run.
He slammed Gary Gensler, a current chairman of the Securities and Exchange Commission for torturing crypto innovations through law enforcement without having a clear regulatory framework.
“This is not helping America succeed, not helping technological advance and innovation for Web 3,” French Hill remarked.
Previously, the leading crypto exchanges like Coinbase and Binance came under the SEC’s fire under the leadership of Gary Gensler. However, the SEC already announced that Gary Gensler will leave the SEC chair position on January 20 after President-elect Donald Trump promised to fire him on his first day in office.
Also Read: Sen. Cynthia Lummis to Reveal Next Steps for Bitcoin Reserve Act