Posted on 28. January 2023 in Allgemein
• Rep. French Hill (R-Arkansas) has announced that the top priority of the newly formed U.S. House of Representatives subcommittee on digital assets, financial technology and inclusion will be to address stablecoin regulation.
• Rep. Hill is also advocating for the creation of a federal privacy statute.
• The subcommittee plans to use the stablecoins draft as a model for how it will approach digital asset regulation moving forward.
The U.S. House of Representatives has recently created a new subcommittee on digital assets, financial technology and inclusion to help create an effective regulatory framework for the burgeoning cryptocurrency and blockchain industry. Rep. French Hill (R-Arkansas) has been appointed as the chair of this subcommittee and has announced that the top priority for the committee will be to develop a regulatory framework for stablecoins.
Stablecoins are digital assets that are pegged to a fiat currency, such as the U.S. dollar, or to a basket of other crypto assets. They provide an alternative to more volatile crypto assets, such as Bitcoin, and offer a more secure and reliable way to store and transfer value. Stablecoins are becoming increasingly popular and the need for clear and effective regulations to ensure their safe and secure use is becoming more pressing.
To this end, the subcommittee plans to use the stablecoins draft as a model for how it will approach digital asset regulation moving forward. According to Rep. Hill, the subcommittee is also advocating for the creation of a federal privacy statute to ensure user privacy and data security as the use of digital assets expands.
The subcommittee is also working with other government agencies and regulators, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), to define which agency will have explicit oversight over digital assets. This will help to create clarity in the regulatory landscape and ensure that digital assets are properly regulated.
Rep. Hill is hopeful that the subcommittee’s efforts will help to create a safe and secure environment for digital asset users, as well as spur innovation and growth in the industry. He believes that the subcommittee can provide a much-needed framework for the industry and provide clarity for investors and adopters of digital assets.
The work of the subcommittee is just beginning, but it is clear that the development of a regulatory framework for stablecoins will be its top priority. With the help of Rep. Hill and the other members of the subcommittee, the industry may soon see the clarity and structure it needs to move forward.