US creates first-ever subcommittee on digital assets

The House Financial Services Committee has created the first-ever subcommittee in the US Congress dedicated exclusively to digital assets. This unit was headed by French Hill, who commented on the situation as follows:

We want to create a regulatory framework for digital assets that makes America a leader in terms of innovation, but also protects consumers and investors.

French Hill was nominated to chair the Digital Assets Subcommittee by Patrick McHenry, chairman of the House Financial Services Committee.

As for the tasks of the new subcommittee, a group of people will develop clear rules of conduct in relation to the digital asset ecosystem and then provide them to federal regulators. That is, the subcommittee on digital assets will do what the US Securities and Exchange Commission did not want to do, for which it has been repeatedly criticized by various experts from the world of cryptocurrencies and beyond.

In addition, the Subcommittee on Digital Assets will promote policy policing, which should add diversity and inclusiveness to digital asset ecosystems. Patrick McHenry, chairman of the House Financial Services Committee, spoke about these challenges.

According to McHenry, French Hill fits the new position like no one else, since he has a lot of experience behind him as a banker and an official in the US Treasury Department. This gave him all the necessary knowledge that will be useful for solving new problems. Hill will finally be able, with his team, to develop a clear set of rules that will properly regulate the digital asset ecosystem and protect consumers and expand innovation in the US economy.

The chairman of the House Financial Services Committee, in a commentary to CNBC, explains that the cryptocurrency market requires special oversight and consumer protection and the right structure. Thanks to this, digital assets can be in the status of legal possession of the people of America.

McHenry also said that this course of events could make the US a leader in the cryptocurrency market in terms of innovation and consumer and investor protection.

After the collapse of the American cryptocurrency exchange FTX, which caused a total loss of more than $ 1,800,000,000 to all investors who invested in it, the US government began to think more seriously about the issue of asset regulation and now came to an interesting decision.

French Hill, in turn, said that he was glad to be able to appear at the 118th Congress as chairman of the Subcommittee on Digital Assets and deal with the financial issue. Such a role can indeed be considered quite innovative.