U.S. House Subcommittee on Digital Assets Sets Stablecoin Regulation as Its First Priority

• Rep. French Hill, the chair of the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, has announced that stablecoin regulation is the subcommittee’s first priority.
• Rep. Hill believes that the subcommittee’s draft on stablecoins should serve as a model for how it will approach digital asset regulation moving forward.
• Rep. Hill also wants the subcommittee to pursue a privacy statute that is important to digital asset industry and consumer privacy.

The U.S. House of Representatives subcommittee on digital assets, financial technology and inclusion has recently been formed under the chairmanship of Rep. French Hill (R-Ark.). The subcommittee has now declared that stablecoin regulation is its first priority.

Rep. Hill believes that the subcommittee’s draft on stablecoins should serve as a model for how it will approach digital asset regulation moving forward. He also expressed his intention to pursue a privacy statute that is important to digital asset industry and consumer privacy.

He noted that the subcommittee wants to bring clarity to which agency, the SEC or the CFTC, should seek explicit oversight of digital assets. He stated that sorting through the issue is the primary task of the subcommittee.

The subcommittee also plans to focus on other important issues such as the establishment of uniform standards for digital assets, the adoption of uniform digital asset transfer regulations, and the development of best practices for data security.

Rep. Hill further noted that the subcommittee will also take into consideration the emerging trends in the digital asset industry and the potential of blockchain technology. He believes that the subcommittee has the potential to help move the industry forward and shape the future of digital assets.

The subcommittee will also work towards bringing together stakeholders from the public and private sector, as well as industry experts, to discuss the issues surrounding digital assets. Rep. Hill believes that this process of collaboration and dialogue is essential for the growth of the sector.

Overall, the subcommittee’s goal is to ensure that the digital asset sector can continue to grow and develop without sacrificing security or consumer protection. The subcommittee plans to take a measured, thoughtful approach when it comes to developing regulations, while also taking into account the unique needs of digital asset market participants.