The post French Hill’s Chairmanship May Pave the Way for Enhanced Crypto Regulation and Innovation Opportunities appeared on BitcoinEthereumNews.com.

Rep. French Hill’s appointment as chair signals a pro-crypto stance for the House Financial Services Committee. Hill pledges to address restrictive FDIC policies and support innovation while ensuring proper regulation. The crypto sector anticipates policy reforms to enhance access to banking and foster digital asset growth. French Hill’s chairmanship of the House Financial Services Committee hints at a new era for crypto regulations, promising a balance between innovation and oversight. French Hill’s Pro-Crypto Stance The House Financial Services Committee plays a vital role in overseeing the Federal Reserve, Wall Street, and the crypto industry. Under Hill’s leadership, the committee is expected to take a pro-crypto stance. Hill has previously led legislative efforts to regulate digital assets, establishing himself as a knowledgeable advocate for the industry. “I am humbled that my colleagues have placed their trust in me to lead the House Financial Services Committee as their next Chairman,” Hill said in a statement. Hill’s chairmanship comes at a crucial time for crypto regulations. Recently, the Federal Deposit Insurance Corporation (FDIC) faced criticism for its approach to crypto businesses. District Court Judge Ana C. Reyes rebuked the FDIC for its lack of transparency in communications with banks about cryptocurrency firms. Furthermore, Judge Reyes demanded that the FDIC revise its excessively redacted correspondence. Moreover, Paul Grewal, Chief Legal Officer at Coinbase, has highlighted these issues, focusing on the FDIC’s 2022 actions. Critics have labeled these actions as part of “Operation Chokepoint 2.0,” an initiative seen as an attempt to limit the crypto industry’s access to banking services. Rep. Hill has expressed a firm commitment to addressing these regulatory challenges. He recently stated that the next Congress Financial Services Committee is prepared to collaborate with the incoming administration to reverse these restrictive practices and conduct a thorough investigation. “Under Operation Choke Point 2.0,…

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Filed under: News - @ December 13, 2024 7:25 am