US Congressman Hill aims to make America the best place for blockchain innovation
US Congressman French Hill aims to promote digital assets and blockchain technology in America by creating a favorable regulatory framework.
Speaking on CNBC’s Squawk Box on January 26, the chairman of the newly formed Congressional Subcommittee on Digital Assets said he plans to advocate for a fair regulatory regime to ensure that “America is the place for innovation in fintech and blockchain.”
“We want to make sure America is the place for innovation in FinTech and blockchain, and distributed ledger technology is part of that FinTech future,” he said in a subsequent tweet.
During the interview with CNBC, the congressman said that Bitcoin is not suitable to be used as a real-time payment method yet. However, he asserted that “we want to make sure that America is the place for innovation in fintech and blockchain is part of that future.”
Hill also considered the possibility of approving a spot Bitcoin ETF, saying the new subcommittee is exploring that option. The statement comes as the Securities and Exchange Commission has been very wary of a spot Bitcoin ETF, as the central bank has yet to greenlight such a product.
When asked if he believes it is possible to make progress as long as current SEC Chairman Gary Gensler, who has been known for his anti-crypto stance, is in charge, the congressman said they would use his expertise in the field. He said:
“So we will invite him up to Congress to tell us what he knows, what he recommends in this area, and what he did last year when we had so many challenges for our investors and consumers.”
The Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion was formed earlier this month with the goal of “identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.”
With Hill at the helm, the subcommittee’s jurisdiction also includes providing clear rules for the digital asset ecosystem and developing policies that “promote financial technology to reach underserved communities,” the US House Committee on Financial Services said.
It’s worth noting that crypto has some good friends within the US government. Recently, state senator Wendy Rogers proposed a new bill to make Bitcoin legal tender in the state of Arizona and allow state agencies to accept payment with the coin.
