US Lawmaker Sets Priorities to Regulate Crypto and Make America the Place for Blockchain Innovation CryptoBlog
The chairman of a newly formed Digital Assets Committee, US Congressman French Hill, has outlined some priorities for regulating the crypto industry and ensuring America is the place for fintech and blockchain innovation. “We want a transparent regulatory framework for developers, investors and potential consumers,” the lawmaker stressed.
US lawmaker shares priorities on crypto regulation
US Congressman French Hill (R-AR), who was recently named chairman of the newly formed subcommittee on “Digital Assets, Fintech, and Inclusion,” discussed several crypto-related priorities for its subcommittee in an interview with CNBC on Thursday.
Responding to a question about whether the United States should have a spot bitcoin exchange-traded fund (ETF), he explained that this is an area his subcommittee wants to explore. The MP detailed:
You will see us looking at a privacy law, a federal privacy law… you will see us looking at a stablecoins bill… you will see us exploring what the ramifications are for the market for securities and working with the House and Senate agriculture committee on the commodity side of it.
The new Digital Assets Committee will also discuss oversight of cryptocurrency trading and crypto exchanges, Rep. Hill continued. “All of that is on the table and that’s going to be a priority for this year.”
So far, the United States Securities and Exchange Commission (SEC) has approved some bitcoin futures ETFs, but has not yet approved a bitcoin spot ETF.
“We want to make sure that America is the place of innovation in Fintech and Blockchain”
The Arkansas legislator emphasized, “Blockchain is an important area of innovation,” noting:
We want this technology to happen here in the United States. We want a transparent regulatory framework for 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 this.
Noting that the changes may be incremental rather than completely disruptive, Rep. Hill described, “We want to make sure that America is the place for innovation in fintech and blockchain, and distributed ledger technology is part of that. this fintech future.
Urging Democrats and Republicans to work together, the lawmaker said, “This is an area that is important to our country. We need this regulatory framework, and we need to come together to get it or we’re going to have the continued chaos that we saw last year with the spring of industry bankruptcies. It’s not helpful to developers, industry, innovation, and certainly not investors and consumers.
What do you think of Congressman French Hill’s statements? Let us know in the comments section below.
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