French Hill Opines on Donald Trump's Bitcoin Reserve Plan

Today, U.S. Representative French Hill, Chairman of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion

U.S. Representative French Hill, who chairs the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, has shared his thoughts on former President Donald Trump's suggestion that the U.S. should make Bitcoin a strategic reserve asset.

Hill acknowledged the potential value of holding BTC as a reserve asset, especially in light of Trump's statement during a Bitcoin conference in Nashville. Trump had proposed that the U.S. Treasury retain Bitcoin acquired through settlements in federal claims. This approach, according to Trump, would enable the government to explore Bitcoin's future role in financial markets without fully committing to its use as a reserve asset.

While Hill recognized the merit in considering the idea, he emphasized the crucial need for bipartisan cooperation in addressing the country's fiscal challenges, particularly regarding mandatory spending programs that account for two-thirds of federal expenditures.

In an interview with Tony Edward on the Thinking Crypto podcast, Hill further explained that while Bitcoin may offer advantages as a reserve asset, it alone would not suffice to resolve the U.S.'s financial problems. He highlighted the importance of Republicans and Democrats working together to find long-term solutions for fiscal deficits, including the $2 trillion deficit projected during the Biden administration and upcoming changes in tax policy set for 2025.

Stablecoin Regulation on the Horizon

Beyond Bitcoin's potential as a reserve asset, Hill discussed other significant developments in the digital asset space. He mentioned the bipartisan progress on stablecoin regulation, with the possibility of a stablecoin bill advancing through Congress by the end of the year. This legislation, which would regulate dollar-backed stablecoins, has seen input from both Republicans and Democrats, along with key figures in the executive branch.

Hill also stressed the importance of member education in shaping U.S. crypto policy. He credited the work of venture capitalists, innovators, and industry leaders in educating Congress over the years, which has been instrumental in the development of crypto-friendly legislation. He attributed the success of recent bills, including those focused on market structure and stablecoin regulation, to this ongoing effort.

The interview also covered the recent DeFi hearing held by the House Financial Services Committee. Hill noted that the hearing was an important step toward helping Congress members understand decentralized finance and the tokenization of real-world assets. He expressed satisfaction with the event and his intention to hold further hearings to continue building awareness around the evolving digital finance space.

The above is the detailed content of French Hill Opines on Donald Trump's Bitcoin Reserve Plan. For more information, please follow other related articles on the PHP Chinese website!