Bullet Points:
• Rep. French Hill said the digital assets subcommittee plans to use its stablecoins draft as a model for how it will approach digital asset regulation moving forward.
• Stablecoin legislation will be one of the top priorities for the newly formed U.S. House of Representatives subcommittee on digital assets, financial technology and inclusion.
• The “Ugly Baby” bill, a stablecoin bill worked out by then-Chair Maxine Waters (D-Calif.) and raking Republican Rep. Patrick Henry (R-N.C.) of the House Financial Services committee.
In a recent interview with CoinDesk TV’s “First Mover”, Rep. French Hill (R-Ark.), the chairman of the newly formed U.S. House of Representatives subcommittee on digital assets, financial technology and inclusion, revealed that Stablecoin regulation will be the first on their agenda. As he explained, the subcommittee plans to use its stablecoins draft as a model for how it will approach digital asset regulation moving forward.
Hill also stated that the subcommittee will pursue a privacy statute federally, as well as oversight hearings on both the regulators and some of the actions of last year so that they can learn from them. One such action was the “Ugly Baby” bill, a stablecoin bill worked out by then-Chair Maxine Waters (D-Calif.) and raking Republican Rep. Patrick Henry (R-N.C.) of the House Financial Services committee.
This bill is aimed at providing a clear framework for the development and regulation of stablecoins, and is seen as a key step in providing a safe and secure digital asset ecosystem. The bill seeks to protect consumers and investors, as well as ensure transparency and compliance with applicable laws. It would also require issuers of stablecoins to obtain licenses and provide clear information about the asset being offered to investors.
Overall, Rep. French Hill and the subcommittee’s focus on Stablecoin regulation is a positive step forward in the development of a safe and secure digital asset ecosystem. The subcommittee’s efforts will help ensure the protection of consumers and investors, as well as provide clarity on the exact regulations that stablecoin issuers must abide by. This will ultimately provide a strong foundation for the development of a vibrant digital asset economy.