The U.S. Congress has taken a significant step towards regulating digital assets by creating its first-ever subcommittee dedicated to digital assets. The House Financial Services Committee has formed the new subcommittee on “Digital Assets, Financial Technology, and Inclusion.” Congressman French Hill, who will lead the subcommittee, aims to create a regulatory legal framework for digital assets that not only positions America as a leader in innovation but also protects consumers and investors.
Congressman Patrick McHenry, chairman of the House Financial Services Committee, expressed his pride in appointing Congressman Hill as the chairman of the Digital Assets Subcommittee and vice-chair of the full committee. The subcommittee’s objectives include providing clear regulations for the digital asset ecosystem and promoting financial technology to reach underserved communities. In addition, the subcommittee will focus on strengthening diversity and inclusion within the digital asset sector.
As a former community banker and U.S. Treasury official, Congressman Hill has the necessary experience and expertise to tackle the challenges associated with regulating digital assets. McHenry trusts Hill to provide clear rules of the road for the digital asset ecosystem while ensuring consumer protection and fostering innovation in the U.S. He highlighted the potential of fintech, particularly digital assets, to create a more inclusive financial system.
During an interview on CNBC, Hill emphasized the importance of oversight, consumer protection, and establishing the right framework for digital assets, including cryptocurrencies. He stressed the need for innovation in fintech and blockchain technology to be readily available in the U.S. to maintain the country’s leadership in innovation while safeguarding consumers and investors. Hill aims to create a regulatory legal framework that balances innovation with consumer protection.
In a statement released on Thursday, Hill expressed his enthusiasm for serving as the chairman of the Subcommittee on Digital Assets, Financial Technology, and Inclusion of the House Financial Services Committee in the 118th Congress. The creation of this subcommittee marks a significant milestone in the regulation of digital assets by the U.S. Congress and underscores the importance of fostering innovation while protecting consumers and investors in the rapidly evolving digital asset sector.
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