Ship or Die at Accelerate 2025: Panel with Rick Scott, French Hill, Bill Hagerty, Kristin Smith

In a landmark panel at the Accelerate 2025 conference, three influential US lawmakers unveiled ambitious plans to pass groundbreaking cryptocurrency legislation before the August recess. Senators Rick Scott and Bill Hagerty, along with Representative French Hill, outlined a comprehensive strategy to cement America's leadership in blockchain innovation and digital assets.

Summary

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The panel, featuring Senator Rick Scott (R-FL), Senator Bill Hagerty (R-TN), and Representative French Hill (R-AR), highlighted the urgent need for clear crypto regulations in the United States. They discussed the progress of the GENIUS Act, a bipartisan stablecoin bill that recently passed a key procedural vote in the Senate with 66 votes.

The lawmakers emphasized the importance of establishing a regulatory framework that fosters innovation while protecting consumers. They outlined plans for both stablecoin legislation and broader market structure reforms, aiming to pass these bills before the August recess with support from the White House.

The panel also touched on national security concerns, the need to prevent a central bank digital currency (CBDC) in the US, and recent positive changes at the SEC under new leadership. The lawmakers stressed the importance of permanent laws to provide certainty for the industry, rather than relying on executive orders or regulatory discretion.

Key Points:

GENIUS Act Progress

Senator Hagerty detailed the journey of the GENIUS Act, a bipartisan stablecoin bill, through the Senate Banking Committee. Despite initial opposition led by Senator Elizabeth Warren, the bill secured support from five Democrats, making it the most bipartisan product to come out of the committee in a decade. After overcoming a procedural hurdle on the Senate floor, the bill now has 66 votes - more than the 60 needed to pass. Hagerty emphasized that this legislation would create the first regulatory framework for stablecoins in the US, positioning America at the forefront of payment system innovation and blockchain technology.

Market Structure Legislation

Representative Hill outlined efforts in the House to complement the stablecoin legislation with a market structure bill. This bill, which passed the House in 2023 with 71 Democratic votes, is being revised to be more streamlined. Hill announced upcoming hearings in both the Financial Services and Agriculture committees to advance this legislation. He stressed the importance of both stablecoin and market structure bills in unlocking the full potential of the crypto industry.

White House Engagement

The panel highlighted a significant shift in the White House's approach to crypto under the new administration. Representative Hill described it as "night and day" compared to previous years, with President Trump being pro-innovation and pro-American leadership in financial technology. The lawmakers praised the engagement of key figures like David Sachs, the President's advisor on AI and digital assets, and incoming Treasury officials like Scott Besant. This coordinated approach between the executive branch and Congress marks a new era of support for the crypto industry.

SEC Reform and Regulatory Outlook

The lawmakers discussed recent positive changes at the SEC, including the rollback of problematic guidance like SAB 121 and the dismissal of unnecessary litigation against the industry. They expressed optimism about the new leadership at the SEC, including the appointment of Paul Atkins. The panel emphasized the need for clear, legislated rules rather than relying on regulatory discretion, to provide long-term certainty for the industry.

Facts + Figures

• The GENIUS Act secured 66 votes in a recent Senate procedural vote, more than the 60 needed to pass
• 5 Democrats joined Republicans in supporting the stablecoin bill in the Senate Banking Committee
• The House passed a market structure bill in 2023 with 71 Democratic votes
• Upcoming hearings on June 4th in both House Financial Services and Agriculture committees on crypto legislation
• The lawmakers aim to pass both stablecoin and market structure bills before the August recess
• President Trump held a roundtable with crypto industry CEOs to discuss innovation and regulation
• Signature Bank was shut down in what the lawmakers described as a "choke point operation" against crypto
• The SEC has dismissed previous litigation against the crypto industry "with prejudice"
• A new crypto task force at the SEC is working on updated guidance and potential rulemaking

Top quotes

"If we don't do it, we're going to continue to see the seepage of innovation from America overseas. If we get this done, we're going to put America at the forefront, not just of our payment system... but also at the forefront of innovation in this critical technology." - Senator Bill Hagerty

"We're at that transformational point. And we have been for the past few years and the three of us are trying to bring it to fruition." - Representative French Hill

"We want the private sector to innovate on the blockchain, bring payment solutions, manifest that and lead with an American first point of view about technology development." - Representative French Hill

"Moving forward. We'll put a legislative framework in place working together and we're going to have a regulatory framework that supports it rather than destroys it." - Senator Bill Hagerty

"If we want to, and the three of us do not support pendulum swinging executive orders. And it's not just an article one power thing. It's just, it's an uncertainty creator." - Representative French Hill

Questions Answered

What is the GENIUS Act and why is it important?

The GENIUS Act is a bipartisan stablecoin bill that recently passed a key procedural vote in the Senate. It's important because it would create the first comprehensive regulatory framework for stablecoins in the United States. This legislation aims to modernize the US payment system, extend the dollar's global dominance, and position America at the forefront of blockchain innovation. By providing clear rules for stablecoin issuers, it could unlock significant growth and innovation in the crypto industry.

How has the White House's approach to crypto changed under the new administration?

The White House's approach to crypto has undergone a dramatic shift under the new administration. President Trump and his team are now actively supportive of crypto innovation, in contrast to the previous administration's skepticism. Key figures like David Sachs, the President's advisor on AI and digital assets, are working closely with Congress to advance crypto-friendly legislation. This coordinated approach between the executive branch and lawmakers represents a significant opportunity for the industry to secure favorable regulations.

What changes are happening at the SEC regarding crypto regulation?

The SEC has recently made several positive changes in its approach to crypto regulation. Under new leadership, including the appointment of Paul Atkins, the SEC has rolled back problematic guidance like SAB 121 and dismissed unnecessary litigation against the industry. A new crypto task force at the SEC is working on updated guidance and potential rulemaking. These changes signal a more supportive regulatory environment for crypto companies, moving away from the enforcement-heavy approach of the previous administration.

Why do lawmakers emphasize the need for legislation rather than relying on regulatory discretion?

Lawmakers stress the importance of passing clear legislation rather than relying on regulatory discretion because it provides long-term certainty for the industry. Laws passed by Congress are more permanent and less subject to change with each new administration. This stability allows companies to invest and innovate with confidence, knowing the rules won't suddenly change. Additionally, legislation can provide clearer guidelines for regulators, reducing the potential for overreach or inconsistent enforcement.

What is the timeline for passing crypto legislation in Congress?

The lawmakers on the panel expressed an ambitious goal of passing both stablecoin and market structure bills before the August recess. They have scheduled hearings in early June to advance these bills and are working closely with the White House to build bipartisan support. While this timeline is aggressive, the lawmakers believe it's achievable given the current momentum and support from the administration. However, they also emphasized the need for continued engagement from the industry to ensure success.