U.S. Congressman French Hill has indicated that significant cryptocurrency regulations could be introduced by the second quarter of 2025. Speaking on the Thinking Crypto podcast, Hill explained that although the current Congress has made substantial progress, the upcoming Congress will need to reintroduce crypto bills in both the House and Senate to familiarize new members. This reintroduction process is expected to cause delays, leading to Hill’s prediction of a 2025 timeline.
Hill spoke about the vote in May of last year when Congress approved the establishment of the crypto regulation. He clarified that although the bill has been taken to the House, the journey to the Senate is still a big question. However, he is not pessimistic because he believes there will be more developments and perhaps some form of compromise with the Senate to pass the bill in the coming days.
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Crypto Legislation and Political Influences
On the same subject of regulation, Hill also stressed how the ongoing American campaign for election influenced the fate of cryptos. He looked at former President Donald Trump’s comments, which he argued have elicited responses from the Harris side. Hill says this has led pro-innovation Democrats to enlist Vice President Kamala Harris in the crypto discussion. According to Hill, such political dynamics imply the future of regulation of cryptocurrencies and the broader industry as a whole.
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Regarding the leadership at the SEC, Hill touched on the potential departure of Gary Gensler as SEC Chair. As a reminder, he said it is customary for presidents to request executive branch officials to leave their positions in transitions, and he expected that Gensler could resign from his position yet remain a commissioner.
In conclusion, while U.S. crypto regulations are progressing, the timeline for their full implementation may stretch into 2025 due to legislative processes and political factors.
Also Read: Garlinghouse Applauds Biden Administration as FIT21 Crypto Bill Passes in Congress
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.