Rep. French Hill says creating a clear market structure for digital assets is one of his top three priorities as the newly elected chairman of the House Financial Services Committee.

Hill (R-Arkansas), a staunch supporter of the crypto sector, secured the chairmanship earlier this week, taking over for outgoing Republican Rep. Patrick McHenry (R-North Carolina).

Arkansas lawmaker tells CNBC in a new interview that there are currently no “rules of the road” for cryptocurrencies and needs new legislation.

“Under Chairman Gensler, we only had regulation through enforcement. This does not contribute to America’s success, it does not promote technological advancement, innovation for Web3 and the use of blockchain in both publicly traded companies and financial services.

“So that’s our top priority, and our Majority Leader Steve Scalise has put it on his “first 100 days of the House” agenda to put forward a bill on the regulatory structure for digital assets.”

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler announced he would step down from his position in January. Under Gensler’s leadership, the securities regulator launched high-profile enforcement actions against many crypto firms, including industry giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.

Hill has an “A” rating from Stand With Crypto, a digital asset advocacy group backed by leading U.S. crypto exchange Coinbase.

Arkansas lawmakers have criticized the Federal Deposit Insurance Corporation (FDIC) for allegedly “pressuring banks to cut ties with entire industries like crypto.”

Hill promised in November that the House Financial Services Committee would work with President-elect Donald Trump to halt that pressure and conduct an investigation.

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