The committee on financial services in the House has created a maiden subcommittee on digital assets, said chair Patrick McHenry. “This creates a fertile ground for a legal framework encapsulating digital assets,” commented Congressman French Hill, the leader of the digital asset committee. He also said that America has matured now to become a forerunner in this type of innovation, and he noted that the country needs to provide protection to the consumers and investors.
Some of the tasks assigned to the first-ever digital assets subcommittee include the following:
- Creating clear rules to guide federal lawmakers regarding the assets in the digital ecosystem.
- Developing policies that will promote and aid in financial technology for the underserved communities in the United States.
- Identifying the best practices and policies that will foster continuity in strengthening diversity and inclusion within the digital space, especially the ecosystem of the digital assets.
McHenry said that Hill has the capacity to thrive in his new role, adding that Hill, a former community banker and U.S. treasury office holder, has the expertise and experience needed. McHenry emphasized that there is no one he would trust more than Hill with this top priority task, and he looked forward to a great working relationship with Hill. McHenry believes Hill will be able set clear rules for the digital asset ecosystem as well as allowing digital innovation to thrive within the nation and protect both the investors, consumers and innovators.
The financial technology has massive promise as an untapped opportunity to serve as a comprehensive tool to supercharge the financial system, especially the digital-assets arena. Digital assets need oversight and a good framework; protection of the consumers should also be a priority, Hill emphasized while speaking to CNBC in response to a query as to whether or not cryptos should be legalized or if they are a Ponzi scheme. “We would that the U.S. be the trail blazer in fintech innovation and blockchain,” Hill added.
In a statement issued by Hill after his unveiling as chair, he said he was delighted that he was given an opportunity to serve as the head in a pioneer subcommittee in the digital assets and financial technology subcommittee within the 118th Congress’ House Financial Services Committee.
With the establishment of this subcommittee, beneficial engagements could start taking place between industry actors such as Marathon Digital Holdings Inc. (NASDAQ: MARA) and the legislators, with a view to creating a regulatory framework that fosters innovation while ensuring consumer protection.
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