• Stablecoin regulation is the first priority of the newly formed U.S. House of Representatives subcommittee on Digital Assets, Financial Technology, and Inclusion.
• Rep. French Hill (R-Ark.) told CoinDesk TV’s “First Mover” that the committee wants to pursue a privacy statute federally.
• The subcommittee plans to use the stablecoin draft as a model for how it will approach digital asset regulation moving forward.
The U.S. House of Representatives Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion has set its focus on the regulation of stablecoins. The new subcommittee, chaired by Rep. French Hill (R-Arkansas), was established to examine the potential use of digital assets and financial technology for advancing financial inclusion, with a particular focus on the regulation of stablecoins.
Hill told CoinDesk TV’s “First Mover” that stablecoin regulation is the first priority of the subcommittee. The representative noted that they plan to use the stablecoin draft as a model for how they will approach digital asset regulation moving forward. The committee also wants to pursue a privacy statute federally, which Hill believes is important to a digital asset economy.
The subcommittee will be tasked with identifying gaps in existing financial regulations and proposing legislation to close those gaps. The subcommittee will also analyze the implications of digital asset technology and financial technology on financial inclusion and consumer protection, and assess the impact of blockchain technology on capital formation, the economy, and other sectors of the financial services industry.
Hill noted that the committee is looking to create a regulatory framework that will protect consumers and encourage innovation and investment. He stated that the committee’s goal is to create a balanced system that works for everyone involved, from consumers to businesses.
The subcommittee is also looking to identify potential areas where the regulation of digital assets could be improved, such as the need for clearer guidance from the Securities and Exchange Commission and the Commodity Futures Trading Commission. Hill said that the committee will be working to provide clarity on which agency, the SEC or the CFTC, will seek explicit oversight.
The subcommittee has received strong support from both parties, with both Rep. Patrick McHenry (R-NC) and Rep. Carolyn Maloney (D-NY) serving as co-chairs. Hill believes that the bipartisan support will help the committee reach its goals and provide the best possible regulation for the digital asset industry.