• Stablecoin regulation is the first priority for the newly formed Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion.
• Rep. French Hill (R-Ark.), the chair of the subcommittee, stated that the stablecoin draft will be used as a model for how the committee will approach digital asset regulation.
• Privacy statute is also a priority of the committee, which is important for the digital asset industry.

The U.S. House of Representatives has created a new subcommittee to oversee digital assets, financial technology, and inclusion. The Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion will be chaired by Rep. French Hill (R-Ark.), who has stated that the committee’s first priority is to regulate stablecoins.

Hill has made it clear that the subcommittee plans to use the stablecoin draft as a model for how it will approach digital asset regulation moving forward. He believes that this is an important starting point for the committee, as it will provide much-needed clarity on which agency, the SEC or the CFTC, will have explicit oversight. Hill has also stated that the committee is looking to pursue a privacy statute federally, which is important for the digital asset industry.

The subcommittee is also focusing on financial inclusion, as it seeks to ensure that everyone has access to the same financial opportunities. This includes providing guidance on how to ensure that products and services are made available to underserved markets. Additionally, the subcommittee is looking for ways to create a more equitable financial system by increasing access to financial services and providing financial education to those who may not have access to it.

The subcommittee also seeks to create an environment that encourages innovation in the digital asset and fintech sectors. This includes exploring how to create a regulatory framework that encourages the development of new products and services that can benefit consumers and businesses. Hill has stressed the importance of creating a regulatory framework that is flexible enough to adapt to the ever-changing digital asset landscape.

Finally, the subcommittee is also looking to address consumer protection by providing guidance on how to protect consumers from fraudulent or deceptive practices. Hill has stated that this is an important priority, as it will help ensure that consumers have the necessary information and resources to make informed decisions when it comes to investing in digital assets.

Overall, the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion is seeking to create an environment that encourages innovation, financial inclusion, and consumer protection. With Rep. French Hill at the helm, the subcommittee is looking to create a regulatory framework that is flexible enough to adapt to the ever-changing digital asset landscape. By providing guidance on stablecoin regulation, financial inclusion, and consumer protection, the subcommittee is looking to create a stable and secure environment for digital assets.