US Congressional Subcommittee Wants America to be Place for Innovation in Fintech and Blockchain.

French Hill, the chairman of the US congressional subcommittee on digital assets is pushing for progressive crypto regulations. He is striving to make America the place for innovation in fintech and blockchain.

The Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion was set up on January 12. It will identify best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem. Hill told CNBC’s Squawk Box that Bitcoin was not ready to be a real-time payments industry yet. He said the subcommittee wants to make sure that America is the place for innovation in fintech and blockchain is part of that future.

The executive highlighted that they are also exploring the possibility of a Bitcoin exchange-traded fund. The subcommittee’s focus is on federal privacy law, a stablecoin bill, and the ramifications for the securities market, and working with the Senate on the commodity aspect of the crypto industry. Hill said crypto trading and exchanges need to be overseen. However, he didn’t specify which agency would do so. He pointed out that everything is on the table and all that is going to be a priority in 2023.

In regards to SEC chair Gary Gensler, Hill described him as the cop on the beat. He said the newly established subcommittee will invite Gensler up to Congress to tell the body what he knows, and recommends in the area and what he was doing in 2022 when there were so many challenges for the investors and consumers.