Legislator French Hill Seeks to Make US a Center of Blockchain Innovation

• US lawmaker French Hill promised to facilitate blockchain adoption in the United States. 
• According to the legislator, cryptocurrency exchanges and trading platforms would be regulated.
• The congressional subcommittee aims to strengthen digital asset ecosystem inclusion in the US.
• Additionally, the Lummis-Gillibrand bill is likely to become law after undergoing the due process.

U.S. lawmaker French Hill has vowed to facilitate the adoption of blockchain initiatives in the United States in an interview with CNBC’s Squawk Box. The new United States congressional subcommittee chairman also registered his interest in aiding progressive cryptocurrency regulation in the country. 

“Blockchain is an important innovation area. We want that technologies to be done here in the United States,” Hill stated. “We want a regulatory framework that's transparent for developers and investors and potential consumers as people.” 

In the recent discussion, the lawmaker gave insights into what might soon surface in the U.S. crypto space.

French Hill submitted that cryptocurrency exchanges and trading platforms would come under regulatory oversight. He stated that regulating the industry is a priority, though Hill didn’t disclose which agency will oversee crypto activities. 

Meanwhile, Hill provided a clue about a future invitation of the United States Securities and Exchange Commission Chairman Gary Gensler to Congress. He divulged that Congress would query the SEC chairman about his view and recommendation for the industry and what he did last year when investors were struggling with numerous challenges involving crypto firms.

Steps Towards Cryptocurrency Regulation in the U.S.

The establishment of the Congressional Subcommittee on Digital Assets represents the U.S. government’s desire to set regulatory boundaries for the industry. The subcommittee, under the leadership of French Hill, is charged with the responsibility of finding best practices and formulating policies that will strengthen diversity and inclusion in the digital asset ecosystem of the U.S. 

The subcommittee will focus on working with the Senate on the commodity aspect of cryptocurrency. Further, it will work on federal privacy law relating to crypto, a stablecoin bill, and clarification for the securities market.

Moreover, the Lummis-Gillibrand bill illustrates crypto regulation in the United States. The bill is likely to become law after undergoing due process this year.

On the Flipside

• According to French Hill, Bitcoin is not yet ready for real-time payments but added that the subcommittee is exploring the possibility of establishing a Bitcoin exchange-traded fund (ETF).

Why You Should Care

Last year, the Joe Biden administration released an executive order that compelled relevant government bodies to seek public opinion on the virtual assets sphere. The executive order raised hope among the crypto community for the introduction of a regulatory bill for cryptocurrency. The recent revelation from Hill is another strong pointer to the possible introduction of cryptocurrency regulation in the U.S. this year.

You may also like more stories about crypto regulations:

Binance’s Commingling of Funds: A Wake-Up Call for Better Crypto Regulations

UK Regulators at Odds on Potential Ban