What’s next for crypto bill

What’s next for crypto bill

welcome back squa box the first ever digital assets legislation is passed in the House of Representatives but the future of the bill remaining unclear as the Senate has yet to come up with companion legislation there’s no timing on when the Senate needs to act joining us right now to talk about what comes next Congressman french hill chairs the digital asset subcommittee and one of the authors of fit21 good morning to you so there’s no timing on this at all what’s going to happen Andrew good to be with you well look for the last couple of years we’ve worked on by Camal and bipartisan basis on bills that would enhance our digital assets ecosystem one on payment stable coins legislation that Patrick McKenry and Maxine Waters have worked on and fit 21 that we passed last week overwhelmingly 279 yes votes including 71 Democrats so that in it in and of itself sends a major signal to the Senate that we’ve got good text we’ve got bipartisan support and I think that should incense Senators Lumis and gilbran stavano and Boseman four members that have worked extensively on understanding this topic uh to collaborate with us on a by Camal partnership to pass this bill where do you stand on this I don’t know if how much you’ve been focused on this ether ETF but in the investment world uh that has become the game uh at least over the last month in terms of when that will happen uh what the SEC is going to do do you have a position on it well I’m supportive of the SEC going through the same process they did when they looked at uh under both chairman Clayton and chairman Gensler approving a Bitcoin ETP they’re following that same process they had a setback in federal court that I think sped up their analysis plus they determined that the cash market and the Futures Market seem to be in good correlation I think that’ll enhance the assessment of ether and put it on slightly a shorter time frame than we saw in the Bitcoin process I don’t know if you you saw former president Trump making some comments at a rally recently saying that he’s going to prot you know if you’re in the crypto if you like crypto I’m going to protect your crypto we’re going to make we’re going to make crypto work for you what did you think of that well I’m glad to see President Trump’s for innovation in the United States we want the US to be an a leader in financial technology just like we have in other forms of technology particularly as we look at the future of the internet web 3 and blockchain he also said that he was not supportive of a US Central Bank digital currency which I think is a good position I prefer the private sector leading in payments and that’s why we’re still working on a payment stable coin bill that will let the private sector here lead in the lead in that manner on a dollar backed payment stable coin it’s interesting just to see even president former president Trump change gears on this because he was he was a skeptic originally were you a skeptic originally too well I’ve always said that I think blockchain has tremendous ability to take out frictional costs and financial services and other forms of the economy and I think that the concept of a tokenized payment uh through a payment stable coin makes sense inside certain applications on a blockchain that doesn’t make me uh per se someone that would think that Bitcoin is a is a store of value not making that AR argument but I am arguing that the US needs the right regulatory framework for digital assets so that Venture capitalists innovators investors and consumers can feel like we’ve got the right regime for innovation in the future of blockchain and web 3 Innovation

Rep. French Hill (R-Ark.), chair of the subcommittee on digital assets, joins ‘Squawk Box’ to discuss what’s next as the House passed a bill outlining a crypto regulatory framework last week.