Congressman French Hill on Crypto and His Top Pick for the Next SEC Chair- Ep. 677
Jul 19, 2024
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Congressman French Hill discusses crypto regulation, FIT21 bill, SEC chair pick if Trump re-elected, CFTC role, Chevron doctrine impact, Trump's changing views on crypto, Binance executive detention case in Nigeria
Creating regulatory frameworks like FIT21 supports blockchain innovation.
Trump's evolving support for crypto reflects a shift towards pro-innovation policies.
Deep dives
Congressman French Hill's Interest in Crypto and Legislative Progress
Congressman French Hill shares his interest in cryptocurrency, stemming from his background in financial services and technology. As vice chairman of the House Financial Services Committee, he highlights the importance of creating regulatory frameworks like Fit 21 to support blockchain and tokenized payments. Hill discusses bipartisan efforts in passing legislation and the potential impact on the crypto industry.
Evolving Stances on Cryptocurrency in Politics
Former President Trump's changing perspective on cryptocurrency is attributed to a deeper understanding of blockchain technology and its benefits for economic growth and innovation. Hill analyzes how evolving views in the political landscape are shifting towards pro-innovation and tech-friendly policies, leading to the exploration of crypto-friendly regulations and frameworks.
State Street's Blockchain Initiatives for Stablecoins and Deposit Tokens
State Street, a prominent financial services firm, explores blockchain-based settlements and considers developing its stablecoin pegged to the USD. Additionally, the firm is evaluating deposit tokens representing customer funds on a blockchain. State Street's involvement signals a growing interest in blockchain technology within traditional financial institutions, aiming to enhance payment solutions and financial operations.
Legal Developments and Investigations in the Crypto Industry
Recent legal outcomes in the crypto industry include Mt. Gox creditor distributions and FTX's $12.7 billion settlement with the CFTC. The sector's growth is also evident through the approval of Ethereum ETFs with varying fee structures. Notably, regulatory bodies such as the SEC are concluding investigations on blockchain projects, reflecting a maturing regulatory landscape in the digital asset space.
In this episode of Unchained, Congressman French Hill provides an insider's perspective on the present and future of crypto regulation.
Hill delves into the ongoing legislation and the implications of the FIT21 Bill, shares his views on who should succeed Gary Gensler as SEC chair if Trump is re-elected, and discusses the controversial role of the CFTC in regulating the crypto industry. He also touches on the potential impacts of the Chevron doctrine being overturned by the Supreme Court, Trump’s evolving stance on crypto, and the latest developments in the Binance executive detention case in Nigeria.
Show highlights:
00:00 Intro
01:26 How Rep. Hill's long-time passion for technological advancement led to his involvement in crypto and blockchain
04:00 The current state of ongoing legislation and why Rep. Hill is proud of the FIT21 bill
08:49 Who would be his top pick to chair the SEC if Trump is re-elected as president
11:42 Why he supports having the CFTC regulate the spot crypto markets
12:40 How he thinks teams should launch tokens in the US
15:02 How he thinks the overturning of the Chevron doctrine will impact crypto
20:02 Why Trump changed his mind on crypto, according to Rep. Hill
23:14 Why Congressman Hill is running for chair of the House Financial Services Committee
25:14 The update on Tigran Gambaryan, the Binance executive detained in Nigeria, whom Rep. Hill visited recently
28:13 Crypto News Recap
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