• The newly formed U.S. House of Representatives Subcommittee on Digital Assets, Financial Technology and Inclusion will make stablecoin regulation one of its top priorities, according to Rep. French Hill (R-Ark).
• The committee will also pursue a privacy statute federally and review how the SEC and CFTC oversee digital asset regulation.
• Rep. Hill said the committee’s draft on stablecoins could be used as a model for how the committee will approach digital asset regulation moving forward.
The United States House of Representatives is taking a step forward in the regulation of digital assets and financial technology with the formation of the Subcommittee on Digital Assets, Financial Technology, and Inclusion. Chaired by Rep. French Hill (R-Ark), the subcommittee has already made clear that stablecoin regulation will be one of its top priorities.
In an interview with CoinDesk TV’s “First Mover”, Rep. Hill highlighted the importance of the subcommittee and its work in the coming months. Stablecoin regulation is first on the list, as the subcommittee is currently drafting a draft that could be used as a model for how the committee will approach digital asset regulation moving forward.
The subcommittee will also be seeking to review how the SEC and CFTC currently oversee digital asset regulation and could be looking to create a federal privacy statute. This would provide more clarity and guidance for companies in the digital asset space.
Rep. Hill also noted that the subcommittee’s work would be of great importance to the crypto industry and the general public. He said that the committee’s work will provide a much needed clarity and stability to the digital asset market.
The subcommittee’s work could also have a significant impact on how the U.S. regulates digital assets in the future. By providing clear guidance on how the SEC and CFTC oversee digital assets, the subcommittee could help to create a more reliable and consistent regulatory framework for the industry.
The subcommittee’s work is likely to be welcomed by the crypto industry and the public at large. With the work of the subcommittee, the U.S. could be on its way to providing a more reliable and consistent regulatory environment in the digital asset space. This could lead to more stability in the market and greater protection for investors and users of digital assets.