The new U.S. Congressional Subcommittee, created to oversee the fintech and crypto industries, has promised to bring upgrading regulations for crypto. The need is to ensure that “America is the place for innovation in Fintech and blockchain.”
Republican lawmakers made the statement around two weeks back about launching a subcommittee to overlook the crypto industry in the US after it faced a tumultuous period.
French Hill of Arkansas, the new chair of the subcommittee, will handle Digital Assets, Inclusion, and Financial technology that will be a part of the ‘House Financial Service Committee”.
While speaking on CNBC’s Squack Box on the 26th of January, Hill offered a few insights into the new anticipated crypto regulations in the country.
In an interview, Congressman French Hill said that Bitcoin is not yet ready to be involved with the real-time payments industry, adding that it will make sure America becomes the hub for fintech innovations and the future of blockchain.
Hill has supported the crypto industry for a long time. Back in 2021, he co-sponsored the CBDC Study Act, saying that it has potential.
The spot Bitcoin ETF had always been a sensitive topic for the SEC as they have always rejected such applications.
When asked about a Bitcoin ETF, French Hill commented that it would also be under recommendation by the committee.
The subcommittee will also focus on federal privacy laws, ramifications for the security market, and a stablecoin bill. The committee will also involve itself with the Senate to work on the crypto industry’s commodity aspect. The committee has all this on its platter and everything is a priority.
Also, Hill made an implication that the SEC has been avoiding the spot bitcoin ETF saying that “as long as Gary Gensler is there, do you see any progress?”
Hill’s idea is to invite Gensler up to Congress to address what he knows and his recommendations in the area and ask what he was doing the previous year when they were facing so many challenges for consumers and investors.
The outlook and comments definitely do look positive if put in context to the Senator’s accusation of the SEC being regulating through enforcement and carrying out extra-judicial sweeps over the crypto industry.