Rep. French Hill on crypto: We need a market structure for digital assets (youtube.com)
‘It’s become so hard and so expensive to become public, companies are staying private longer and becomming much much larger before they decide to go public. I think that discriminates against entrepreneurs, I think it makes it harder for families and 410k plans ... to have more investment options.' He wants to make community banking competitive again with reductions of regulations and obstacles to capital formation.
‘Have the right regulatory approach for the right risk in the right size institution based on complexity.’ He didn't agree with the move during Biden towards one-size-fits-all, which means less competition and pushes consolidation to the largest banks. ‘Give them more options to compete with the largest banks in the country that have their own IT and AI departments.’
US has more banks than other countries. ‘I don’t believe we have too many banks. I think the market aughta determine how many banks we need accross the country. We have counties that have no physical banking practice. And while on the East and West Coast people can bank on their phone and get a commercial loan on their phone, I have counties in my state where there's no cell service. There's no broadband. And so the idea that you're gonna bank on your phone ... is ridiculous. We need physical distribution of financial services capabilities in many areas of the country where we don't have them.'
This man has been appointed ... He ran a Delta Trust and Banking corporation, CEO, worked in GHWBush White House, worked in Treasury, worked on the Hill. Main priority is equal playing fields for regional banks with big banks. Focussed on setting rules (is it a commodity and when?) for crypto. KRE didn't go up though. ...