French Hill, the new chairperson of the House Financial Services Committee, has said the U.S. urgently needs a crypto market structure bill as a "top priority" for Republicans and plans to introduce a comprehensive crypto market structure bill within the first 100 days of the upcoming legislative session. The approval of the Market Structure Act will remove the regulatory uncertainty that has gripped the U.S. crypto industry for years, and pro-crypto legislation could pave the way for the U.S. to promote digital asset innovation and prevent crypto companies from offshoring. French Hill also criticised the current approach to regulation under Gary Gensler, chairperson of the Securities Exchange Commission (SEC). "Under Chairperson Gensler, we don't have rules of the road," he said. "We just have enforcement regulation. It doesn't help America succeed, it doesn't help technology progress, Web3 innovation or blockchain adoption in public companies and financial services."