• Rep. French Hill (R-Arkansas) is the chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion.
• The subcommittee plans to prioritize the regulation of stablecoins as its first task.
• Rep. Hill believes that a federal privacy statute should also be pursued in order to ensure secure and reliable digital asset operations.
The U.S. House of Representatives has recently established the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, which is chaired by Rep. French Hill (R-Arkansas). On Thursday, Hill spoke to CoinDesk TV’s „First Mover“ about the subcommittee’s priority of regulating stablecoins.
Stablecoins, which are backed by an asset such as a fiat currency, provide a stable store of value for users and are increasingly being adopted by businesses and consumers alike. As such, it is important that the use of these digital assets is regulated in order to ensure secure and reliable operations. The subcommittee plans to take the lead on this issue and use the recently drafted stablecoin regulations as a model for how it will approach the regulation of digital assets moving forward.
In addition to the regulation of stablecoins, Rep. Hill also believes that a federal privacy statute should be pursued. This would help protect the data of users, ensuring their safety and security when dealing with digital assets. This would also help ensure that companies dealing with digital assets can do so in a compliant and secure manner, which is important for the continued growth of the industry.
Overall, the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion is taking a proactive approach to the regulation of digital assets, with the regulation of stablecoins being the first priority. This is a positive step forward for the industry, as it will move towards a more secure and reliable environment for users. Additionally, the pursuit of a federal privacy statute will help to further protect users and ensure that companies dealing with digital assets are compliant with all regulations.