A subcommittee on “Digital Assets, Financial Technology, and Inclusion” has been established by the House Committee on Financial Services in the United States. The House Financial Services Committee’s chairman, Congressman Patrick McHenry (R-NC), said: “I’m happy to announce Congressman French Hill as the chairman of Congress’ first-ever Digital Assets Subcommittee and vice chair of the full Committee.”
The duties of the newly established subcommittee, according to the House Financial Services Committee, 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 practises and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.”
Congressman Hill (R-AR), a former community banker and U.S. Treasury official, is viewed by McHenry as having the knowledge and experience required to handle this project. He added, “With one of my main priorities, there is no one I trust more.”
McHenry continued, “I look forward to working with him to establish clear rules of the road for this ecosystem that protect consumers while allowing innovation to flourish here in the U.S. Fintech, particularly digital assets, holds immense promise as a tool to create a more inclusive financial system.
When asked if cryptocurrencies should be allowed in the United States, Hill responded, “Digital assets are something that need regulation, need consumer protection, and need the correct structure.
He continued, “We want innovation for fintech and the use of blockchain to be available in the United States,” adding, “We want to have the U.S. be a leader so we want to create a regulatory legal framework for digital assets, including digital payments, that makes America a leader from a point of view of innovation but also protects consumers and investors.”
Hill said in a statement on Thursday that she was “delighted” to be serving in the 118th Congress in the innovative capacity of chairman of the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Inclusion.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/16/first-ever-digital-assets-subcommittee-commenced-by-lawmakers-in-us/