• US Congress has created a new subcommittee on Digital Assets, Financial Technology and Inclusion
• The subcommittee will focus on providing a regulatory framework for digital assets, promoting financial technology to reach underserved communities, and identifying best practices to strengthen diversity and inclusion in the digital asset ecosystem
• Congressman French Hill will lead the subcommittee, with the support of Congressman Patrick McHenry
The United States Congress has taken a major step forward in its efforts to regulate and develop the digital asset industry. On Tuesday, the House Financial Services Committee announced the creation of its first-ever subcommittee on Digital Assets, Financial Technology, and Inclusion. The subcommittee, which will be chaired by Congressman French Hill (R-AR), is tasked with creating a regulatory framework for digital assets, promoting financial technology to reach underserved communities, and identifying best practices that will strengthen diversity and inclusion in the digital asset ecosystem.
Congressman Patrick McHenry (R-NC), the chairman of the House Financial Services Committee, expressed his enthusiasm for the new subcommittee, noting that Congressman Hill has the necessary experience and expertise to tackle this undertaking. „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,“ said McHenry. „There is no one I trust more with one of my top priorities. 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.“
The tasks of the new subcommittee will be various, ranging from establishing a regulatory framework for digital assets to promoting financial technology to reach underserved communities. The subcommittee will also strive to identify best practices and policies to strengthen diversity and inclusion in the digital asset ecosystem. Hill and McHenry hope that their efforts will make America a leader in innovation and protect consumers and investors.
The creation of the Digital Assets Subcommittee is a major step forward for the U.S. government in regulating the digital asset industry. It is the first of its kind in Congress, and with Hill and McHenry’s leadership and guidance, it has the potential to make a real difference in the lives of consumers and investors. Only time will tell if the subcommittee will be successful in its mission, but one thing is certain: the future of the digital asset industry is now firmly in the hands of the United States Congress.