• The newly formed U.S. House of Representatives subcommittee on digital assets, financial technology and inclusion, chaired by Rep. French Hill (R-Ark.), plans to prioritize stablecoin regulation among its to-do list.
• Hill noted that the subcommittee wants to pursue a privacy statute federally, which he believes is important to developing a secure digital asset infrastructure.
• The subcommittee also aims to establish clarity on which agency, the SEC or the CFTC, will seek explicit oversight in the crypto industry.
The U.S. House of Representatives recently formed a new subcommittee dedicated to digital assets, financial technology, and inclusion. Chaired by Rep. French Hill (R-Arkansas), the subcommittee plans to prioritize stablecoin regulation among its to-do list. According to Hill, the subcommittee’s stablecoins draft will serve as a model for how it will approach digital asset regulation moving forward.
Hill also highlighted that the subcommittee is looking to pursue a privacy statute federally. He believes that this is important to ensure the development of a secure digital asset infrastructure. In addition, the subcommittee is aiming to establish clarity on which agency, the SEC or the CFTC, will seek explicit oversight in the crypto industry.
Hill said that the subcommittee is working on a number of initiatives such as increasing consumer protection, promoting responsible innovation, and exploring the benefits and risks of digital assets. He noted that the subcommittee’s goal is to ensure that we have a consistent regulatory regime that both protects consumers and encourages innovation. Hill also mentioned that the subcommittee is looking to engage with the industry, regulators, and other stakeholders to ensure that the regulatory framework is tailored to the needs of the industry.
In conclusion, the U.S. House of Representatives is taking an active role in developing a regulatory framework for the crypto industry. The subcommittee is determined to prioritize stablecoin regulation while also promoting responsible innovation and consumer protection. The subcommittee is also looking to engage with the industry, regulators, and other stakeholders to ensure that the regulatory framework is tailored to the needs of the industry.