US lawmaker outlines priorities for regulating cryptocurrency
French Hill (R-AR), a member of the US Congress and the newly appointed chairman of the subcommittee on "Digital Assets, Financial Technology, and Inclusion," talked about the subcommittee's priorities in an interview with CNBC on January 26. He mentioned many cryptocurrency-related topics.
He responded to a query on whether the United States ought to have a spot bitcoin exchange-traded fund (ETF) by stating that it's a topic his subcommittee wants to look into. The representative explained: “You’ll see us look at a privacy law, a federal privacy law … you will see us consider a stablecoin bill … you will see us explore what are the ramifications for the securities market, and work with the Agriculture Committee in the House and Senate on the commodity aspect of it.”
According to Rep. Hill, the new digital assets committee will also discuss the regulation of cryptocurrency exchanges and bitcoin trading. This year, it will be their first priority; beside the fact that everything is on the table.
The U.S. Securities and Exchange Commission (SEC) has not yet approved a spot bitcoin ETF, but some bitcoin futures ETFs have.
The lawmaker from Arkansas emphasized, “Blockchain is an important innovation area,” emphasizing: “We want that technology to be done here in the United States. We want a regulatory framework that’s transparent for developers, investors, and potential consumers as people try to prove a use case. And finally, we want to make sure the people have full transparency of that.”
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,” noting that changes might be incremental rather than abrupt.
CBW - External Analyst