Challenges remain for the stablecoin bill, particularly regarding a provision that would allow state regulators to approve stablecoin issuances without Federal Reserve input.

Hill noted that recent hearings on decentralized finance (DeFi) have been crucial in educating Congress about the complexities of the crypto landscape.

During DC Fintech Week, Hill highlighted the potential consideration of these crypto bills in the lame duck session following the upcoming elections.

The outcome of the elections on November 5 will significantly influence the direction of the lame duck session and the fate of these legislative efforts.

Both Hill and House Financial Services Committee Chair Patrick McHenry have expressed hope for FIT 21 to gain traction, although investment bank TD Cowen warns that the legislative window is narrowing due to pressing government funding needs.

U.S. Representative French Hill, chair of the House digital assets subcommittee, is optimistic about advancing two significant crypto bills, including the Financial Innovation and Technology for the 21st Century Act (FIT 21) and a regulatory framework for stablecoins, before the end of the year.

The stablecoin regulatory framework, which aims to regulate dollar-backed stablecoins, has also passed the House Financial Services Committee but is currently stalled.

He emphasized that the success of recent crypto legislation can be attributed to industry education efforts, which are essential for fostering bipartisan cooperation.

While acknowledging Bitcoin's potential as a reserve asset, Hill stressed the importance of bipartisan collaboration to tackle the country's fiscal challenges.

He pointed to a projected $2 trillion deficit during the Biden administration and upcoming tax policy changes in 2025 as critical issues that need addressing.

Hill plans to assess what is achievable in the lame duck session after the elections, as a new Congress will convene in January.

In addition to Bitcoin discussions, Hill mentioned bipartisan progress on stablecoin regulation, with a potential bill moving through Congress by year-end.