The chairman of the Financial Services Subcommittee on Digital Assets wants to make the United States a hub for fintech and blockchain innovation.
The chairman of the newly formed U.S. congressional subcommittee on digital assets has promised progressive crypto regulations to ensure that “America is the place for fintech and blockchain innovation.”
On CNBC’s Squawk Box on January 26, Congressman French Hill provided some of the first insights into what to expect for crypto regulations in the country.
Hill chaired the Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion on Jan. 12, with the goal of “identifying best practises and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.”
During the interview, Hill stated that Bitcoin is not yet ready to be a real-time payments industry, but added, “we want to make sure that America is the place for fintech innovation, and blockchain is part of that future.”
When asked about the possibility of a spot Bitcoin exchange-traded fund (ETF), Hill stated that the new subcommittee is also looking into it.
The SEC has repeatedly denied applications for a spot Bitcoin ETF, including one from Grayscale, the world’s largest crypto asset manager.
Other areas of focus for the subcommittee will be federal privacy law, a stablecoin bill, and the implications for the securities market, as well as collaboration with the Senate on the commodity aspect of the crypto industry.
He stated that cryptocurrency trading and exchanges would need to be “overseen,” but did not specify which agency would be in charge of this.
“Everything is on the table, and everything is going to be a priority this year,” he said.
The host implied that the Securities and Exchange Commission (SEC) has been dragging its feet, asking “do you see any progress being made as long as Gary Gensler is there?”
Last year, Gensler was the “cop on the beat,” claiming to be an expert in this field, according to Hill, who added:
“So we’ll invite him up to Congress to tell us what he knows, what he recommends in this area, and what he was doing last year when we had so many challenges for our investors and consumers.”
When compared to the SEC, which has been accused by Senators of regulating by enforcement and conducting extrajudicial sweeps on the crypto industry, the comments and outlook are positive.