French Hill: Within the first 100 days of the legislative session, a comprehensive encryption market structure bill will be introduced

The newly appointed chairman of the U.S. House Financial Services Committee, French Hill, stated that the United States urgently needs a cryptocurrency market structure bill, which is the Republican Party's "top priority". He plans to propose a comprehensive cryptocurrency market structure bill within the first 100 days of the upcoming legislative session.

Approval of the market structure bill will eliminate regulatory uncertainty that has shrouded the U.S. crypto industry for many years. Legislation supporting cryptocurrencies could pave the way for promoting digital asset innovation in America and preventing offshoring by crypto companies.

French Hill also criticized current regulatory practices under Gary Gensler, Chairman of Securities and Exchange Commission (SEC).

He said: "Under Chairman Gensler's leadership, we have not established traffic rules. We only have law enforcement regulation. This does not help America succeed or promote technological progress, Web3 innovation or blockchain applications in public companies and financial services."