On January 12th, 2023, United States Representative (R) French Hill, issued the following statement after he was appointed Vice-Chairman of the full Committee and as Chair of the Subcommittee on Digital Assets, Financial Technology and Inclusion under the House Financial Services Committee.
In the wake of FTX’s multi billion-dollar collapse last year, the government is focusing on instituting regulations in the crypto industry.
The new subcommittee will be the first of its kind in the U.S. since the collapse of FTX.
During an interview, he said “We want innovation for fintech and the use of blockchain to be available in the United States.”
Hill said that a bipartisan effort is needed for “FinTech innovation to flourish safely and effectively in the United States.”
Notably, Hill is an enthusiastic supporter of the crypto industry. He co-sponsored the Central Bank Digital Currency (CBDC) Study Act in 2021. He said at the time that it’s “important for the Federal Reserve to not delay its important work” on a potential CBDC.
The other Republican crypto advocates in Congress include Rep. Tom Emmer of Minnesota and Sen. Cynthia Lummis of Wyoming.
Before the rise of FTX in 2019, Representative Hill signed a letter that urged the IRS to refine its tax guidance for cryptocurrency users. “Ambiguity impedes appropriate tax compliance,” he wrote.
Last year after the collapse of crypto exchange FTX, its founder Sam Bankman-Fried, was arrested. He was accused of fraud and then released on a $250 million bond while he awaits trial.
Is it a comeback?
Yesterday was relatively more pleasant than the previous year for most crypto investors. The price of the most traded cryptocurrency, Bitcoin (BTC), spiked 7.5% to $21,299. BTC hadn’t been above $20,000 since November 8th, 2022. The price surge was amid the growing belief that the price may have bottomed and inflation may have peaked.
According to CoinMarketCap, in the last 7 days, the price of Bitcoin surged almost 23.92%. Its trading price was $20,994.30 at press time with a 24-hour trading volume of $41.41 Billion. BTC price is up by 11.38% in the last 24 hours with a market cap of $404.38 Billion.
A popular trader Bluntz meanwhile summarized the upcoming weekly chart behavior.
Ethereum (ETH) price also rose by around 22.14% in the last one week, and was trading at a price of $1,559.80 with a 24-hour trading volume of $14.58 Billion at press time. Ethereum price is up by 10.62% in the last 24 hours with a market cap of $190.87 Billion at press time.
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/rep-french-hill-issues-statement-on-digital-assets-fintech-and-inclusion/