Fun

US Lawmakers Create ‘Congress’ First Ever’ Digital Assets Subcommittee

News Feed - 2023-01-15 12:01:32

US Lawmakers Create "Congress" First Ever" Digital Assets Subcommittee


U.S. Congress’ “first ever” subcommittee on digital assets has been created as part of the House Financial Services Committee. “We want to create a regulatory legal framework for digital assets … that makes America a leader from an innovation point of view but also protects consumers and investors,” explained Congressman French Hill, who will lead the digital asset subcommittee. US Lawmakers Form ‘Congress’ First Ever Digital Assets Subcommittee’


The U.S. House Committee on Financial Services has created a subcommittee on “Digital Assets, Financial Technology and Inclusion.” Congressman Patrick McHenry (R-NC), chairman of the House Financial Services Committee, commented: I’m proud to announce Congressman French Hill as the chairman of Congress’ first ever Digital Assets Subcommittee and vice chair of the full Committee.


The tasks of the new subcommittee include “Providing clear rules of the road among federal regulators for the digital asset ecosystem, developing policies that promote financial technology to reach underserved communities, [and] identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem,” the House Financial Services Committee explained.


McHenry believes that Congressman Hill (R-AR), a former community banker and U.S. Treasury official, has the necessary experience and expertise to tackle this undertaking. “There is no one I trust more with one of my top priorities,” he emphasized.


“I look forward to working with him to provide clear rules of the road for this ecosystem that protect consumers, while allowing innovation to thrive here in the U.S.,” McHenry added, noting: Fintech — particularly digital assets — holds immense promise as a tool to build a more inclusive financial system.


“Digital assets are something that need oversight and need consumer protection and need the right framework,” Hill detailed on CNBC in reply to a question about whether cryptocurrency should be legal in the U.S. or whether it is a Ponzi scheme.


“We want innovation for fintech and the use of blockchain to be available in the United States,” he continued, elaborating: We want to have the U.S. to be a leader so we want to create a regulatory legal framework for digital assets, including digital payments, that makes America a leader from an innovation point of view but also protects consumers and investors.


In a statement issued Thursday, Hill said: “I am delighted that in the 118th Congress, I will serve in the pioneering role of the chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion of the House Financial Services Committee.” Tags in this story congress crypto, Congress subcommittee digital assets, crypto subcommittee, cryptocurrency subcommittee, digital asset subcommittee, French Hill digital assets, Patrick McHenry digital assets, US lawmakers subcommittee


What do you think about the U.S. Congress setting up a subcommittee dedicated to digital assets? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. SEC Chairman Warns Most Crypto Will Fail — Says "Don"t Get Caught up in FOMO, Fear of Missing Out" REGULATION | 7 hours ago El Salvador Approves Digital Assets Issuance Law REGULATION | 23 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSEC Chairman Warns Most Crypto Will Fail — Says ‘Don’t Get Caught up in FOMO, Fear of Missing Out’ Next articleHungarians Interested in Investment Potential of Cryptocurrencies, Poll Shows Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto

News Feed

US Faces More Inflation Woes as CPI Hits Highest Record in 30 Years
US Faces More Inflation Woes as CPI Hits Highest Record in 30 Years U.S. inflation continues to roar higher as this week’s data from the consumer price index (CPI) jumped 6.
Internet Company The9 Reveals Hosting Partnership With Russian Bitcoin Miner Bitriver
Internet Company The9 Reveals Hosting Partnership With Russian Bitcoin Miner Bitriver During the first week of April, the publicly-listed gaming and internet com
Leading Japanese Online Broker SBI to Pull Out of Russia’s Crypto Mining Sector
Leading Japanese Online Broker SBI to Pull Out of Russia’s Crypto Mining Sector SBI Holdings, the largest online brokerage in Japan, is shutting down its crypto mining business i
Russian Regulators Find Common Ground — Bitcoin Can’t Be Used for Payments
Russian Regulators Find Common Ground — Bitcoin Can’t Be Used for Payments Russian authorities are yet to reach full consensus on the future of cryptocurrencies but government
Why Meta Penguin Island Should Be Your Favorite Place to Look for NFTs This Winter
Why Meta Penguin Island Should Be Your Favorite Place to Look for NFTs This Winter press release PRESS RELEASE.Not only are the financial markets experiencing a revolution due to bl
MarginFi outflows $190M as CEO rage quits amid token controversy
Tom Mitchelhill7 hours agoMarginFi outflows $190M as CEO rage quits amid token controversyWithdrawals from the Solana-based DeFi protocol have reached record levels amid an apparent management meltdown and claims from co
Tom Mitchelhill7 hours agoCreator of Mutant Ape ripoff NFTs pleads guilty to $3M fraud schemeThe French developer of the Mutant Ape Planet NFT collection faces up to five years in prison after pleading guilty to wire fra
Can The Dogecoin Price Rally For 3 Months Straight? 2021 Bull Market Performance Says Yes
Este artículo también está disponible en español. The unprecedented rise of the Dogecoin pricein 2021 has been one of the significant events that cemented its status as m
Eigenlayer launches EIGEN token — but it’s nontransferable till September
Christopher Roark5 hours agoEigenlayer launches EIGEN token — but it’s nontransferable till SeptemberEigenlayer launched a claims process for its highly anticipated EIGEN token, but it won’t be transferable to othe
Ethereum Accumulation Is Almost Over – Breakout Above $2,200 Could Trigger Expansion Phase
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
BONK Price Ready To Surge 1,105% From Here? Analyst Reveals Key Levels To Watch
Este artículo también está disponible en español. The BONK price movementshave brought it close to a critical support level, and its reaction could make or break its pric
Solana Faces Double Trouble: 55% Network Drop And Price Woes
Este artículo también está disponible en español. SOL, the native token of the Solana network, is one of the worst-performing cryptos in recent days. Once the darling of