Congressman French Hill advocated for regulating the crypto industry and implied that the subcommittee would work towards making America a hub for innovation
French Hill, the chairman of the U.S. congressional subcommittee on digital assets, recently appeared in an interview where he pledged his support for crypto and the need to regulate the industry. The congressional committee formally called was formed recently on January 12 for the digital asset space.
The subcommittee, chaired by Hill, would be responsible for framing regulations, implementing good governance practices for the industry, and strengthening the sector. “We want to make sure that America is the place for innovation in FinTech and blockchain and distributed ledger technology is part of that FinTech future,” said Hill.
French Hill did not advocate for Bitcoin as a payment mechanism in America but was supportive of innovations in the country, including those with blockchain technology. He also claimed they would explore a Bitcoin ETF, even though the product has been rejected by the U.S. Securities and Exchange Commission(SEC) repeatedly.
The SEC has completely cracked down on the crypto industry because of recent incidents, but the industry has welcomed the recent comments by French Hill. The subcommittee would also be involved in federal privacy law and a stablecoin bill, amongst many other goals for the crypto sector.