US Congressman French Hill Reveals Timeline for Stablecoin Bill Passage

• French Hill suggests the stablecoin bill could pass by the end of 2024 or in early 2025.
• The stablecoin bill may see quick progress if the next Congress leans pro-crypto.
• Hill discussed possible procedures for removing SEC Chair Gary Gensler.

U.S. Representative French Hill, Chairman of the House Subcommittee on Digital Assets, has revealed a timeline for the potential passage of a stablecoin bill in Congress.

Hill suggested that the bill could be passed by the end of 2024. However, if it is delayed, he indicated that it would be a top priority in early 2025, with an expected passage by the second quarter.

During an interview on the Thinking Crypto Podcast, Hill outlined the possible legislative process. He explained that if the bill does not pass in 2024, the new Congress, seated after the November elections, would likely reintroduce it in the first quarter of 2025.

Hill projected the second quarter as a realistic target for the bill to advance. He also confirmed ongoing discussions with senators, setting the stage for the bill’s smooth transition through both chambers.

The anticipation of a pro-crypto Congress after the upcoming elections adds to the optimism surrounding the bill. Should the new Congress take a more favorable stance toward cryptocurrency regulation, this could accelerate the passage of not only the stablecoin legislation but also other crypto-related bills.

Hill’s comments coincide with growing calls from the crypto industry for clearer regulations on stablecoins, with leaders like Tether’s CEO, Paolo Ardoino, emphasizing the need for defined frameworks in the U.S. market. 

In addition to the stablecoin bill, Hill also addressed the potential removal of U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. Hill mentioned that while former President Donald Trump has promised to remove Gensler if re-elected, the process may not be straightforward. 

Gensler’s term runs until June 2026, and the SEC operates as an independent agency. Hill noted that newly inaugurated presidents traditionally request resignations from appointed officials, but Gensler could still remain in a different capacity at the agency.