• Stablecoin regulation is the first priority of the newly formed U.S. House of Representatives Subcommittee on Digital Assets, Financial Technology and Inclusion.
• Rep. French Hill (R-Ark.) said the committee plans to use its stablecoins draft as a model for how it will approach digital asset regulation moving forward.
• The committee also plans to pursue a privacy statute to develop a regulatory framework for digital assets.
The United States House of Representatives Subcommittee on Digital Assets, Financial Technology, and Inclusion is looking to create an effective and comprehensive regulatory framework for digital assets. Led by Rep. French Hill (R-Ark.), the committee’s top priority is to develop a regulatory framework for stablecoins.
The subcommittee is looking to build on its existing draft of a stablecoin regulation and use it as a model for how it will approach digital asset regulation moving forward. According to Hill, this will help the committee create a consistent regulatory framework that can be applied to all digital assets.
The subcommittee also plans to pursue a privacy statute to better protect users and investors. The statute would establish a comprehensive set of guidelines that digital asset companies would need to follow when handling user data. Additionally, the statute would require digital asset companies to provide users with a clear and concise explanation of how their data is being used and stored.
The committee is also looking to explore ways to increase access to digital assets and financial technology. This could include creating incentives for financial institutions to offer digital asset services, such as providing banking services for digital asset companies. Additionally, the committee hopes to make digital asset investments more accessible to everyday investors.
The subcommittee will also be examining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) when it comes to regulating digital assets. Hill believes that the committee will be able to provide clarity on which agency will oversee digital asset regulation.
Overall, the subcommittee is looking to create a clear and comprehensive regulatory framework for digital assets. This framework will provide investors with the confidence they need to invest in digital assets and help drive innovation in the digital asset industry. By providing a consistent set of rules, the subcommittee is looking to make digital asset investments more accessible and secure.