Rep. French Hill issues statement on digital assets, fine technology and inclusion
On January 12, 2023, United States Representative (R) French Hill issued the following statement following his appointment as Vice Chairman of the Full Committee and as Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion of the House Financial Services Committee.
In the wake of FTX’s multi-billion dollar collapse last year, the government is focusing on introducing regulations in the crypto industry.
The new subcommittee will be the first of its kind in the US 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 a bipartisan effort is needed for “FinTech innovation to flourish safely and effectively in the United States.”
In particular, Hill is an enthusiastic supporter of the crypto industry. He co-sponsored the Central Bank Digital Currency (CBDC) Study Act of 2021. He said at the time that it is “important for the Federal Reserve not to delay its important work” on a potential CBDC.
The other Republican crypto advocates in Congress include Representative Tom Emmer of Minnesota and Senator Cynthia Lummis of Wyoming.
Prior to the emergence of FTX in 2019, Representative Hill signed a letter urging the IRS to refine the tax guidance for cryptocurrency users. “Ambiguity impedes appropriate tax compliance,” he wrote.
Last year after the collapse of the crypto exchange FTX, the founder Sam Bankman-Fried was arrested. He was charged with fraud and subsequently released on a $250 million bond while awaiting trial.
Is it a comeback?
Yesterday was relatively nicer than the previous year for most crypto investors. The price of the most traded cryptocurrency, Bitcoin (BTC), rose 7.5% to $21,299. BTC had not been above $20,000 since November 8, 2022. The price increase was amid growing belief that the price may have bottomed out and inflation may have peaked.
According to CoinMarketCap, Bitcoin prices rose almost 23.92% in the last 7 days. The trading price was $20,994.30 at press time with a 24-hour trading volume of $41.41 billion. BTC price has risen by 11.38% in the last 24 hours with a market value 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 past week, trading at a price of $1,559.80 with a 24-hour trading volume of $14.58 billion at press time. Ethereum price has risen 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 money exchange systems. She is also fascinated by blockchain technology and its function.
