House Financial Services Chairman Says Congress Should Wait on Prediction Market Rules

House Financial Services Committee Chairman French Hill said Congress should not move quickly to regulate prediction markets. Hill spoke at Semafor’s Banking on the Future Forum on Wednesday. He said many lawmakers lack a basic understanding of the current roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission.

“It’s a little hard to legislate and get out front on policymaking when you have members that don’t have that basic understanding of current law,” Hill told Semafor’s Eleanor Mueller. Hill said he wants court disputes between states and the Trump administration to continue before Congress acts.

He said the leaders of the CFTC and SEC should show they can oversee the markets in compliance with existing law.

Hill also discussed a bipartisan housing affordability bill backed by the White House. The House was scheduled to vote on the package later Wednesday. He said he could not predict the outcome in the Senate but called Senate Banking Committee Chair Tim Scott a good friend.

Their goal, he said, is a housing package the president can sign into law. Hill said both chambers are working to resolve differences on cryptocurrency legislation. He described the market structure bill as headed in the right direction but added that it is not over until it is over.

Hill said he will hold committee hearings on legislation to expand fintech firms’ access to the Federal Reserve’s payment rails, following an executive order signed by President Donald Trump this week.