Rep. Hill Slams Gensler’s Crypto Crackdown, Outlines Goals with Crypto Czar

The cryptocurrency market is thriving, with Bitcoin soaring to new heights and the overall market cap surpassing $3 trillion. However, despite the market’s success, there is ongoing debate about the role of regulation and how it will shape next.

Recently, House Financial Services Committee Chairman Rep. French Hill said that excessive regulation has harmed the crypto market. In an interview with CNBC, Hill pointed to the flourishing Bitcoin ETF market as evidence that regulation, when done right, can help grow the market. But he also noted that the SEC’s previous resistance to a Bitcoin ETF, which led to a federal court ruling compelling the agency to act, shows how ineffective Gary Gensler’s “regulation by enforcement” approach has been.

Despite Gensler’s departure, the legacy of his policies lingers. However, there is now a push from lawmakers to move toward regulatory clarity. The focus is on passing legislation that will direct both the SEC and the Commodity Futures Trading Commission (CFTC) to create clear rules for crypto markets. 

About Gensler, he said, “He’s gone. That doesn’t change the fact that crypto has been under assault by the SEC over the past four years. And so the reason for legislation is to have regulatory clarity that directs the SEC and the CFTC exactly what they need to do to protect investors, encourage innovation, and encourage companies to use blockchain.”

A recent meeting brought together key figures such as David Sacks, representing President Trump, Tim Scott, Chairman of the Banking Committee, and other influential lawmakers. Their goal is to prioritize the establishment of clear, comprehensive regulations that will make the U.S. a hub for digital asset innovation rather than a place where companies are driven away due to regulatory uncertainty.