Overview of French Hill on the Senate Crypto Stalemate
This episode of Powers That Be Daily features Leanne Caldwell’s Washington interview with Rep. French Hill, the House Financial Services Committee chair, covering the biggest policy fights moving through Congress: crypto market structure, housing, central bank digital currencies, immigration-related banking policy, intelligence leadership, and Ukraine funding. Hill argues that Congress is finally making real progress on long-stalled issues, but he emphasizes that several bills still need Senate compromise before they can become law.
Crypto Market Structure and the Clarity Act
Hill spends the most time on the Clarity Act, the House’s crypto market-structure bill, which is under Senate consideration.
Main points
- Hill says Congress has been working on digital assets legislation since 2018.
- He frames the bill as a long-awaited effort to define:
- what counts as a commodity vs. a security
- how a blockchain-based financial ecosystem should function
- how dollar-backed stablecoins can strengthen the global role of the U.S. dollar
- He believes Senate negotiations are heading toward a workable landing spot and hopes for a July signing ceremony, though he avoids predicting a July 4 deadline.
Illicit finance concerns
- Critics, including law enforcement groups, argue the bill doesn’t go far enough on financial crimes and illicit activity.
- Hill responds that blockchain is often easier to trace than cash, making it a useful tool for law enforcement.
- He argues the bill gives Treasury and investigators more ways to track illicit funds, including money tied to Iran.
- He also says the issue is partly about operations and enforcement, not just the text of the law.
Ethics and Trump-family crypto activity
- Democrats are calling the measure a “Trump corruption bill” because of Trump family involvement in crypto.
- Hill argues the House bill would have curbed meme coin pump-and-dump schemes by forcing them onto regulated exchanges with clear listing standards.
- He says Congress can write ethics guardrails for elected officials, but that it becomes much harder when trying to regulate presidential family members.
- He expects the Senate may try to tighten ethics language, but not in a way that creates constitutional problems.
Senate-House coordination
- Hill says House and White House staff have been working closely with Senate leaders to ensure the Senate version can eventually pass the House.
- He suggests the major Senate committees have found enough consensus to move the bill forward.
CBDC Ban and the FISA Bill
Hill is strongly opposed to the government creating a central bank digital currency (CBDC).
His argument
- He says banning a CBDC is already consistent with:
- the GENIUS Act
- prior House and Senate votes
- President Trump’s executive stance against it
- He supports adding a ban to the FISA bill as a “belt and suspenders” approach.
- He warns that a CBDC could turn the Federal Reserve into a surveillance mechanism where everyone banks directly with the Fed.
- Even if the ban language is attached to FISA, he does not think it will derail the bill’s passage.
Housing Legislation and Supply-Side Reform
Hill is also a central player on the House-passed housing bill, which he sees as one of Congress’s most overdue policy areas.
Core message
- He says the U.S. has not passed a major housing bill in 25 years.
- His approach is largely supply-side:
- reduce regulatory barriers
- hold HUD more accountable
- make building easier
- avoid simply expanding spending
Where the bill stands
- Hill says both chambers want housing reform, but the House and Senate had different versions.
- He argues the House version better reflects what can actually pass in the House.
- He urges Senate Majority Leader John Thune to bring the House version to the floor, predicting it could get 70–80 votes.
The build-to-rent dispute
- A major issue was a Senate provision requiring some large institutional housing developers to sell properties within seven years.
- Hill says that would discourage investment in build-to-rent communities, which he views as an important source of housing supply.
- He calls the provision potentially unconstitutional, citing a “taking” concern.
- The House removed or modified that language to preserve capital flow into housing.
Banking, Immigration, and Executive Orders
Hill is skeptical about a recent Trump executive order directing banks to report suspected undocumented customers.
His concerns
- He says the order would be hard to implement because:
- banks are not immigration enforcement agencies
- people can be in the U.S. legally without being citizens
- state-issued ID often governs banking access
- He does not think banks can easily or appropriately be tasked with policing immigration status.
- He says he hasn’t studied the legal authority closely, but believes implementation would be extremely difficult.
Intelligence Leadership and Bill Pulte
Hill also comments on Bill Pulte, who is serving as head of the Federal Housing Finance Agency while also being floated for another role.
Hill’s view
- He is concerned Pulte already has two jobs.
- He says the FHFA role is significant enough on its own because it oversees:
- the Federal Home Loan Bank system
- Fannie Mae and Freddie Mac
- Hill wants a dedicated, permanent Director of National Intelligence and says he hopes Trump nominates someone quickly.
- He describes an intelligence leadership gap as unacceptable.
Ukraine Funding and Russia Sanctions
Hill is supportive of Ukraine, but critical of the current House process on a Ukraine-related bill.
Key takeaways
- He says he supports Ukraine and is reading the bill now.
- He prefers a separate bipartisan approach through regular order rather than a discharge petition.
- He favors a stronger sanctions bill, especially one targeting Russian oil and gas.
- He says Congress should send a clear bipartisan message rejecting Putin’s invasion of Ukraine.
- If he votes yes, he says it would be to send that political message, not because he thinks the current bill is ideal or likely to become law.
- He urges House leadership to bring forward a Republican alternative that could actually pass.
Big Picture Takeaways
- Hill presents himself as a pragmatic committee chair trying to move major legislation through a polarized Congress.
- His policy priorities include:
- crypto clarity and market structure
- opposing a CBDC
- housing supply reform
- stronger sanctions on Russia
- He repeatedly emphasizes regular order, bipartisan negotiation, and enforceable legislation over symbolic wins.
- The interview suggests the House is closer to consensus on crypto and housing than the Senate still is, but both are inching forward.