US legislator outlines priorities to regulate crypto and make America a place for blockchain innovations-regulation
US legislator outlines priorities to regulate crypto and make America a place for blockchain innovations-regulation
The chairman of a newly formed committee for digital assets, the US Congressman French Hill, has outlined some priorities to regulate the cryptos sector and ensured that America is for fintech and blockchain innovations. "We want a regulatory framework that is transparent for developers, investors and potential consumers," emphasized the legislator.
US legislator shares priorities in crypto regulation
US Congressman French Hill (R-AR), which was recently appointed chairman of the newly educated subcommittee for "Digital Assets, Financial Technology and Inclusion" discussed several crypto -related priorities for his sub -committee on Thursday.
When asked whether the USA should have a listed Spot Bitcoin Fund (ETF), he replied that this was an area that its subcommittee wanted to investigate. The Congressman explained:
You will see how we see a data protection law, a Federal Data Protection Act ... You will see how we consider a stable coin calculation ... You will see how we examine the effects on the securities market and work with the agricultural committee in the House of Representatives and in the Senate on the goods aspect.
The new committee for digital assets will also discuss the supervision of trading cryptocurrencies and crypto exchanges, Rep. Hill continued. "All of this is on the table and that will be a priority for this year."
So far, the US Securities and Exchange Commission (SEC) has approved some Bitcoin futures ETFs, but still has to approve a spot bitcoin ETF.
"We want to make sure that America is the place for innovation in Fintech and Blockchain"
The legislator from Arkansas emphasized: "Blockchain is an important innovation area" and emphasized:
We want this technology to be developed here in the United States. We want a regulatory framework that is transparent for developers, investors and potential consumers when people try to prove an application. And finally we want to make sure that people have full transparency about it.
rep. Hill found that changes can be gradually than completely disruptive, and described: "We want to ensure that America is the place for innovations in Fintech and Blockchain, and the distributed Ledger technology is part of this fintech future."
The legislator asked Democrats and Republicans to cooperate and said: “This is an area that is important for our country. We need this regulatory framework, and we have to come together to have it together, or we will have the continued chaos that we saw last year with the spring of bankruptcies in the entire industry. This is not helpful for the developers, for innovations and certainly not for investors and consumer. “
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