U.S. Rep. French Hill, chairman of the newly formed Digital Assets Committee, regulates the crypto sector and that America is the place for fintech and blockchain innovation and outlines a number of priorities to ensure that it is.” The congressman stressed, “We want a regulatory framework that is transparent to developers, investors, and potential consumers.
U.S. Lawmakers Share Priorities on Crypto Regulation
U.S. Rep. French Hill (R-AR), recently appointed chairman of the newly formed subcommittee on “Digital Assets, Financial Technology, and Inclusion,” in an interview with CNBC on Thursday discussed several crypto-related priorities for the committee.
In response to a question about whether the U.S. should have a spot bitcoin exchange-traded fund (ETF), he explained that is an area his subcommittee would like to explore. The Congressman elaborated.
You will see we have the Privacy Act, the Federal Privacy Act … You will see us consider a stablecoin bill …
You will see us explore what the implications are for the securities markets and work with the House and Senate Agriculture Committees on the commodity side of that…
The new Digital Assets Committee will also discuss oversight of cryptocurrency trading and crypto exchanges, Rep. Hill continued.” Everything is on the table and it will be a priority this year.”
So far, the U.S. Securities and Exchange Commission (SEC) has approved several bitcoin futures ETFs, but has yet to approve a spot bitcoin ETF.
“I want to make sure that America is the place for fintech and blockchain innovation.”
The congressman from Arkansas stressed that “blockchain is an important area of innovation” and said:
We want that technology to be here in the United States. We want a regulatory framework that is transparent to developers, investors, and potential consumers when trying to prove use cases. And finally, we want to make sure that people have that full transparency.
Noting that change can be gradual rather than completely disruptive, Rep. Hill said, “We want to make sure that we have that transparency.” I want to make sure that the U.S. is the place for fintech and blockchain innovation.” “Distributed ledger technology is part of that fintech future.”
Urging Democrats and Republicans to work together, the congressman opined that ” This is an important area for our country. We need this regulatory framework, and if we do not come together to have it, we will continue to have the kind of turmoil that led to bankruptcies across the industry last year. That is not beneficial for developers, for the industry, for innovation, and for investors and consumers.”
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