U.S. Representative French Hill offers insights into digital asset regulations
Rebeca Moen Jan 28, 2023 14:28
French Hill urges the Senate to create innovative crypto rules.
To guarantee that "America remains the home for innovation in fintech and blockchain," the chairman of a recently established congressional subcommittee on digital assets in the United States has vowed to work toward the promotion of progressive cryptocurrency rules.
On the 26th of January, French Hill, a representative for the United States in the House of Representatives, appeared on the programme Squawk Box on CNBC and provided some of the first insights into what may be expected for crypto legislation in the nation.
"Identifying best practises and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem" is the mission of the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, which was established on January 12 and is chaired by Hill. This subcommittee also focuses on digital assets and financial technology.
During the course of the interview, Hill said that Bitcoin (BTC) was not nearly prepared to be used as a real-time payment mechanism yet. However, he went on to say that "we want to make sure that America is the location for innovation in fintech and blockchain is part of that future."
Hill said, in response to a question concerning the feasibility of a spot Bitcoin exchange-traded fund (ETF), that the newly formed subcommittee also wants to investigate the viability of such a fund.
The Securities and Exchange Commission has repeatedly turned down proposals for spot Bitcoin exchange-traded funds (ETFs), including one submitted by Grayscale, the company that manages the most cryptocurrency assets in the world.
Other topics that will get attention from the panel include the federal privacy legislation, a measure concerning stablecoins, and the implications for the securities market. In addition, the subcommittee will collaborate with the Senate about the commodities facet of the cryptocurrency business.
He said that cryptocurrency trading and exchanges would need to be "overseen," although he did not identify which agency would be responsible for doing so.
According to what he stated, "all of that is up for discussion, and all of it is going to be a focus this year."
By asking, "as long as Gary Gensler is there, do you see any movement being made?" The presenter gave the impression that the SEC has been unproductively dragging its feet.
Image source: Shutterstock