US legislators found the first subcommittee for digital assets of the congress regulation
US legislators found the first subcommittee for digital assets of the congress regulation
The "first" subcommittee of the US Congress for Digital Properties was set up as part of the Financial Service Committee of the House of Representatives. "We want to create a regulatory legal framework for digital assets ... which makes America a leader from the innovation perspective, but also protects consumers and investors," said Congress MP French Hill, who will lead the subcommittee for digital assets.
US legislators form "congress" first sub-committee for digital assets "
The committee for financial services of the US representative house has set up a subcommittee for "Digital Assets, Financial Technology and Inclusion". Congressman Patrick Mchenry (R-NC), chairman of the House Financial Services Committee, commented:
I am proud to be able to announce the Congressman French Hill as the chairman of the very first subcommittee for digital assets of the congress and deputy chairman of the entire committee.
The tasks of the new subcommittee include "the provision of clear rules for the path under the Federal Regulator to the digital asset ecosystem, the development of guidelines for promoting financial technology in order to achieve under-sector communities, [and] best practice and guidelines that further strengthen the variety and inclusion in the digital asset Financial Services Committee of the House of Representatives.
Mchenry believes that Hill (R-AR), a former community banker and civil servant of the US Ministry of Finance, has the necessary experience and expertise to address this undertaking. "There is no one that I trust in one of my top priorities," he emphasized.
"I look forward to working with him to establish clear rules for this ecosystem that protect consumers and at the same time let innovations thrive here in the USA," added Mchenry and noted:
Fintech - especially digital assets - is a promising instrument for building a more integrative financial system.
"Digital assets are something that needs to be supervised and consumer protection needs and the right framework needs," Hill explained to CNBC in response to a question of whether cryptocurrencies should be legal in the USA or whether it is a ponzi system.
"We want innovations for FinTech and the use of blockchain available in the United States," he continued and stated:
We want the USA to be a leader, so we want to create a regulatory legal framework for digital assets, including digital payments, that makes America leading from innovation perspective, but also protects consumers and investors.
In a declaration published on Thursday, Hill said: "I am pleased that I will take on the pioneer of the subcommittee for digital assets, financial technology and the inclusion of the Financial Service Committee of the House of Representatives at the 118th congress."
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