• Rep. French Hill (R-Arkansas) announced the digital assets subcommittee plans to prioritize the regulation of stablecoins.
• The subcommittee also plans to pursue a privacy statute federally.
• Rep. Hill believes this will be beneficial to the digital asset industry.
The Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion has been formed by the U.S. House of Representatives, with Rep. French Hill (R-Arkansas) as its chair. On Thursday, Hill told CoinDesk TV’s “First Mover” that the subcommittee’s top priority will be to regulate stablecoins.
Hill noted that the subcommittee plans to use its draft of stablecoins regulation as a model for how it will approach digital asset regulation moving forward. He believes that this will be beneficial to the digital asset industry as it will provide clarity on which agency, the SEC or the CFTC, will seek explicit oversight.
In addition to the regulation of stablecoins, Hill also said that the subcommittee plans to pursue a privacy statute federally. He believes that this will be important to the development of digital assets, as it will help protect consumers’ financial information.
Overall, Hill is confident that the subcommittee’s plans will be beneficial to the digital asset industry. He is hopeful that its efforts will result in a more secure, transparent and efficient financial system, as well as more consumer protection. He believes that this will also help to create an environment of trust and confidence in the digital asset market.