ChainCatcher news, according to The Block, French Hill, chairman of the U.S. House Financial Services Committee, stated at the blockchain summit in Washington that a revised draft of the new cryptocurrency market structure bill will be announced in the coming days. This is an updated version of the "Financial Innovation and Technology for the 21st Century Act" (FIT21) that was passed by the House last year.The bill has not yet been formally introduced in this Congress, but it was passed in the House last year with the support of 71 Democratic lawmakers, including former Speaker Nancy Pelosi. Hill mentioned that the current draft has been adjusted based on various "technical opinions." The bill aims to grant the Commodity Futures Trading Commission (CFTC) more regulatory authority and funding to oversee the cryptocurrency spot market and "digital commodities," such as Bitcoin, and further clarify the role of the Securities and Exchange Commission (SEC).

ChainCatcher news, according to Cointelegraph, the new chairman of the U.S. House Financial Services Committee, French Hill, stated that the U.S. urgently needs a cryptocurrency market structure bill, which is the "top priority" for the Republican Party, and plans to introduce a comprehensive cryptocurrency market structure bill within the first 100 days of the upcoming legislative session.The approval of the market structure bill would eliminate the regulatory uncertainty that has plagued the U.S. cryptocurrency industry for years, and supportive legislation for cryptocurrency could pave the way for the U.S. to promote digital asset innovation and prevent cryptocurrency companies from outsourcing offshore. French Hill also criticized the current regulatory approach under SEC Chairman Gary Gensler.He said, "Under Chairman Gensler's leadership, we have not established traffic rules. We only have enforcement regulation. This does not help the U.S. succeed, nor does it aid technological advancement, Web3 innovation, or the application of blockchain in public companies and financial services."