The chairman of the newly created US congressional subcommittee on digital assets has promised progressive regulation of cryptocurrencies to ensure that “the US is the place for innovation in fintech and blockchain.”
Speaking on CNBC’s Squawk Box on January 26, Congressman French Hill offered some of his first thoughts on what’s in store for cryptocurrency regulations in the country.
The Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, chaired by Hill, was formed on January 12 with the mandate to “identify best practices and policies that further strengthen diversity and inclusion in the digital asset ecosystem.”.
During the interview, Hill He said that bitcoin (BTC) was not yet ready to be a real-time payments sector, but added that “we want to make sure that the United States is the ideal place for innovation in fintech and blockchain.”.
We want to make sure that America is the place for innovation in FinTech and blockchain and distributed ledger technology is part of that FinTech future.
This morning, I joined @SquawkCNBC to discuss crypto and Financial Technology.
My interview, below: https://t.co/TDztq1muhX
—French Hill (@RepFrenchHill) January 26, 2023
We want to make sure that the United States is the place to be for innovation in FinTech and blockchain, and distributed ledger technology is part of that FinTech future.
This morning, I joined @SquawkCNBC to discuss cryptocurrency and Financial Technology. My interview below: https://t.co/TDztq1muhX
When asked about the possibility of a spot bitcoin exchange-traded fund (ETF) launching, Hill commented that the new subcommittee also wants to explore this possibility..
The SEC has repeatedly rejected applications for a spot bitcoin ETF, including one from the world’s largest crypto asset manager, Grayscale..
Other areas of interest for the subcommittee will be related to federal privacy law, a proposed stablecoin bill, and ramifications for the stock market.while also working with the Senate regarding the assets of the crypto industry.
He said that cryptocurrency trading and exchanges would have to be “supervised”, but did not specify which body would do so..
“All of that is on the table and all of that is going to be a priority this year,” he said..
The host hinted that the Securities and Exchange Commission (SEC) has been dragging its feetasking “as long as Gary Gensler is there, do you see any progress being made?”
Hill said Gensler was the “cop on duty” last yearclaiming to be an expert in this area, adding:
“So we will invite you to Congress to tell us what you know, what you recommend in this area, and what you were doing last year when we had so many challenges for our investors and consumers.”
Comments and perspectives are positive when put in context with the SECwhich has been accused by senators of regulating through law enforcement and carrying out extrajudicial sweeps in the cryptocurrency sector.
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