US Lawmaker Outlines Priorities to Regulate Crypto and Make America the Place for Blockchain Innovation – Regulation Bitcoin News3 min read
The chairman of a newly fashioned digital property committee, U.S. Congressman French Hill, has outlined some priorities to control the crypto sector and guarantee America is the place for fintech and blockchain innovation. “We want a regulatory framework that’s transparent for developers, investors, and potential consumers,” the lawmaker emphasised.
US Lawmaker Shares Priorities on Crypto Regulation
U.S. Congressman French Hill (R-AR), who was lately appointed chairman of the newly formed subcommittee on “Digital Assets, Financial Technology and Inclusion,” mentioned a number of crypto-related priorities for his subcommittee in an interview with CNBC Thursday.
Replying to a query about whether or not the U.S. ought to have a spot bitcoin exchange-traded fund (ETF), he defined that it’s an space his subcommittee desires to discover. The congressman detailed:
You’ll see us take a look at a privateness legislation, a federal privateness legislation … you will notice us contemplate a stablecoin invoice … you will notice us discover what are the ramifications for the securities market, and work with the Agriculture Committee within the Home and Senate on the commodity facet of it.
The brand new digital property committee can even talk about the oversight of cryptocurrency buying and selling and crypto exchanges, Rep. Hill continued. “All that is on the table and that’s going to be a priority for this year.”
To date, the U.S. Securities and Alternate Fee (SEC) has authorized some bitcoin futures ETFs however has but to approve a spot bitcoin ETF.
‘We Want to Make Sure America Is the Place for Innovation in Fintech and Blockchain’
The lawmaker from Arkansas harassed, “Blockchain is an important innovation area,” emphasizing:
We wish that expertise to be finished right here in the US. We wish a regulatory framework that’s clear for builders, traders, and potential shoppers as individuals attempt to show a use case. And at last, we need to ensure the individuals have full transparency of that.
Noting that adjustments might be gradual fairly than utterly disruptive, Rep. Hill described: “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.”
Urging Democrats and Republicans to work collectively, the lawmaker opined: “This is an area that’s important for our country. We need this regulatory framework, and we need to come together to have it or we are going to have continued chaos that we saw last year with the spring of bankruptcies across the industry. That’s not helpful to the developers, to the industry, to innovation, and certainly not to investors and consumers.”
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