The “first” subcommittee on digital assets in the US Congress has been created as part of the House Committee on Financial Services. “We want to create a regulatory legal framework for digital assets… that makes America a leader from an innovation standpoint, but also protects consumers and investors,” said Congressman French Hill, who will lead the subcommittee on digital assets.
US Lawmakers Form First ‘Congress’ Digital Assets Subcommittee
The US House Committee on Financial Services has created a subcommittee on “Digital Assets, Fintech, and Inclusion.” Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee, commented:
I am proud to announce Congressman French Hill as Chairman of the first Congressional Digital Assets Subcommittee and Vice Chairman of the entire Committee.
The tasks of the new subcommittee include “Providing clear rules of the road among federal regulators for the digital asset ecosystem, developing policies that promote financial technology to reach underserved communities, (e) identifying best practices and policies that continue to strengthen the diversity and inclusion in the digital asset ecosystem,” explained the House Financial Services Committee.
McHenry believes that Congressman Hill (R-AR), a former community banker and US Treasury official, has the experience and knowledge to tackle this undertaking. “There is no one I trust more with one of my top priorities,” he emphasized.
“I look forward to working with him to provide clear rules for this ecosystem that protect consumers, while allowing innovation to thrive here in the US,” McHenry added, noting:
Fintech, particularly digital assets, holds great promise as a tool to build a more inclusive financial system.
“Digital assets are something that needs oversight and needs consumer protection and needs the proper framework,” Hill detailed on CNBC in response to a question about whether cryptocurrency should be legal in the US or if it is a Ponzi scheme.
“We want to make innovation for fintech and the use of blockchain available in the United States,” he continued, explaining:
We want the US to be a leader, so we want to create a regulatory legal framework for digital assets, including digital payments, that makes the US a leader from an innovation standpoint, but also protects consumers and investors.
In a statement released Thursday, Hill said: “I am delighted that in the 118th Congress I will serve in the pioneering role of chair of the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion.”
What do you think about the creation of a subcommittee dedicated to digital assets by the United States Congress? Let us know in the comments section.
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