Rep. Hill Slams Gensler’s Crypto Crackdown, Outlines Goals with Crypto Czar
The cryptocurrency market is booming, with Bitcoin soaring to new heights, with a market value of over $3 trillion. However, despite the success of the market, the role of regulation and its subsequent impact are still underway.
Recently, House Financial Services Committee Chairman French Hill said excessive regulations have hurt the cryptocurrency market. Hill pointed out in an interview with CNBC that the Bitcoin ETF market is booming, which is a regulation that can help develop the market if done correctly. But he also noted that the SEC’s previous resistance to Bitcoin ETFs led to a federal court ruling to force the agency to take action, which shows how ineffective Gary Gensler’s “law enforcement regulation” approach is.
Despite Gensler’s departure, the legacy of his policy remains lingering. But lawmakers are now pushing towards regulatory clarity. The focus is on passing legislation that will guide the SEC and the Commodity Futures Trading Commission (CFTC) to develop clear rules for crypto markets.
Regarding Gensler, he said: “He’s gone. This hasn’t changed the fact that Crypto has been under attack by the SEC for the past four years. So the reason for legislation is to have regulatory clarity that guides the SEC and the CFTC to protect investments , encourage innovation and encourage companies to use blockchain.”
A recent meeting brought together such as David Sacks, representing President Trump, bank committee chairman Tim Scott and other influential lawmakers. Their goal is to prioritize the creation of clear, comprehensive regulations that will make the U.S. a hub for digital asset innovation, rather than a place to be expelled due to regulatory uncertainty.
