• Rep. French Hill (R-Arkansas) is the chair of the newly formed Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion.
• The committee’s top priority is to draft and pass a stablecoin regulation.
• Hill stated that the committee will also be looking into privacy statutes, digital asset legislation, and how to create better access for consumers.
The United States House of Representatives has recently created a new Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion. Rep. French Hill (R-Arkansas) is the chair of the subcommittee, and he has outlined the goals and objectives of the committee.
The primary focus of the committee is to create a comprehensive and effective framework for the regulation of stablecoins. Hill noted that the subcommittee plans to use its draft of stablecoin regulation as a model for how to approach digital asset regulation in the future.
In addition to stablecoin regulation, Hill and the subcommittee are also looking into other digital asset legislation, privacy statutes, and ways to improve consumer access. He noted that one of the committee’s goals is to determine which agency, the SEC or the CFTC, should have explicit oversight.
The committee members are currently working on legislation that will give clear guidance to the crypto industry. The legislation will also provide consumer protection and ensure that digital assets are used in a safe and responsible manner.
Hill is confident that the committee can create effective legislation that will help foster innovation and economic growth in the digital asset space. He is hopeful that the committee can provide clarity and guidance to the industry and that the committee can be a leader in digital asset regulation.
Overall, Hill and the committee are attempting to create a framework that will facilitate the growth of the digital asset industry while still protecting consumers. The committee’s ultimate goal is to provide a safe and secure environment for digital asset users and investors.