The chair of a newly formed digital asset committee, US Congressman French Hill, has outlined some priorities for regulating the cryptocurrency sector and ensuring the US is the place for fintech and blockchain innovation. “We want a regulatory framework that is transparent for developers, investors, and potential consumers,” the legislator emphasized.
US Lawmaker Shares Priorities on Crypto Regulation
US Congressman French Hill (R-AR), who was recently appointed chairman of the recently formed subcommittee on “Digital Assets, Fintech and Inclusion,” discussed several cryptocurrency-related priorities for his subcommittee in an interview with CNBC on Thursday.
Responding to a question about whether the US should have a spot bitcoin exchange-traded fund (ETF), he explained that it’s an area his subcommittee wants to explore. The congressman detailed:
You’ll see us look at a privacy law, a federal privacy law… you’ll see us look at a stablecoin bill… you’ll see us explore what the ramifications are for the stock market and work with the Agriculture Committee on the House and the Senate. in the commercial aspect of it.
The new digital assets committee will also discuss oversight of cryptocurrency trading and cryptocurrency exchanges, Representative Hill continued. “All of that is on the table and it will be a priority for this year.”
So far, the US Securities and Exchange Commission (SEC) has approved a few bitcoin futures ETFs, but it has yet to approve a spot bitcoin ETF.
“We want to make sure that the United States is the place for innovation in Fintech and Blockchain”
The Arkansas legislator emphasized: “Blockchain is an important area of innovation,” stressing:
We want that technology to be made here in the United States. We want a regulatory framework that is transparent to developers, investors, and potential consumers as people try to prove a use case. And finally, we want to make sure that people have full transparency about it.
Noting that the changes can be gradual rather than completely disruptive, Rep. Hill described: “We want to make sure America is the place for fintech and blockchain innovation, and distributed ledger technology is part of that fintech future.” “.
Urging Democrats and Republicans to work together, the legislator opined: “This is an area that is important to our country. We need this regulatory framework and we must come together to have it or we are going to have continued chaos like we saw last year with the spring of industry-wide bankruptcies. That doesn’t help developers, it doesn’t help the industry, it doesn’t help innovation, and certainly not investors or consumers.”
What do you think of the statements by Congressman French Hill? Let us know in the comments section.
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