Bullet points:
• The newly formed Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion will prioritize stablecoin regulation as its first priority.
• Rep. French Hill (R-Arkansas) said the subcommittee is also looking into a privacy statute to protect digital assets.
• The subcommittee, chaired by Rep. Hill, has a draft of a stablecoin regulation that they are using as a model for their approach to digital asset regulation.
The U.S. House of Representatives Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion has announced that stablecoin regulation will be its first priority. This is the first time the US government has taken such a stance on digital asset regulation.
Rep. French Hill (R-Arkansas) is the chairman of the subcommittee and he spoke to CoinDesk TV about the subcommittee’s plans. He said that the committee has already drafted a stablecoin regulation and that they plan to use it as a model for their approach to digital asset regulation as a whole.
He also said that the subcommittee is looking into a privacy statute to protect digital assets from abuse. This would be beneficial to both businesses and consumers, as it would ensure that digital assets are kept safe and secure.
The subcommittee is also seeking to clarify which agency, the SEC or the CFTC, will have explicit oversight of digital assets. Rep. Hill said that the subcommittee plans to sort through these issues to ensure that the digital asset industry is properly regulated.
The subcommittee’s focus on stablecoin regulation is a welcome move for the digital asset industry, as it is a sign that the U.S. government is taking the industry seriously. This could be beneficial to both consumers and businesses, as it would ensure that digital assets are secure and properly regulated.
The subcommittee’s focus on stablecoin regulation is also an indication that the U.S. government is open to the idea of digital asset regulation. This could lead to more clarity on digital asset regulation in the future and could potentially open the door for more digital asset businesses to enter the market.
Overall, the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion is taking the digital asset industry seriously and is looking to ensure that digital assets are secure and properly regulated. This could be a major step forward for the digital asset industry in the United States and could lead to more clarity on digital asset regulation in the future.