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The very first Digital Assets Sub-Committee of the U.S. Congress was established as part of the House Financial Services Committee. “we want to create a regulatory legal framework for digital assets … that makes america a leader from an innovation point of view but also protects consumers and investors,” explained congressman french hill, Head of the Digital Assets Sub-Committee.
American legislators form the first-ever Congressional Subcommittee on Digital Assets
The United States House Finance Committee has established a sub-committee on digital assets, fintech and inclusion.
I am proud to announce that the member of Congress French Hill will be the first Chair of the Congress Digital Resources Subcommittee and Vice-Chair of the Committee as a whole.
The new sub-committee's work includes "establishing clear rules of conduct between federal regulators for the digital asset ecosystem, create policies that promote fintech to reach underserved communities, [and] identify best practices and policies that continue to reinforce diversity and inclusion in the digital asset ecosystem," explained the House Finance Committee.
Mchenry believes that Congressman Hill (r-ar), a former Community Banker and United States Treasury official, has the experience and expertise to approach this venture. "There is nobody in whom I have the greatest confidence in one of my priorities," he said.
“I look forward to working with him to provide clear rules of the road for this ecosystem that protect consumers, while allowing innovation to thrive here in the U.S.,” McHenry added, noting:
Fintech — particularly digital assets — holds immense promise as a tool to build a more inclusive financial system.
“Digital assets are something that need oversight and need consumer protection and need the right framework,” Hill detailed on CNBC in reply to a question about whether cryptocurrency should be legal in the U.S. or whether it is a Ponzi scheme.
'We want technology innovation and the use of blockchain to be available in the US,' he continued, adding:
We want the United States to lead the way. So we want to create a regulatory framework for digital assets, including digitally enabled payments, This makes America a leader in both innovation and consumer and investor protection.
In a press release that was released on Thursday, Hill said, "I look forward to it at the 118th Convention, I will be a trailblazer for the chair of the Digital Assets Sub-Committee, FinTech and the House Financial Services Committee's inclusion."
What are your thoughts on the creation by the United States Congress of a subcommittee on digital assets? Please let us know in the comments below.
