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It remains unclear which regulator will have jurisdiction and control over different types of assets.
A newly-formed United States House of Representatives committee on digital assets, financial technology, and inclusion, has revealed its plans to make stablecoin regulation its top priority. Speaking to CoinDesk on Thursday, the chairman of the committee, Rep. French Hill, says the committee has a lot on its plate and would be pursuing several legislations. That will include going for a privacy statute on the federal level, which, according to him, is also very vital to the digital future of the country’s financial services. Nonetheless, Hill says stablecoin regulation easily tops their to-do list.
Hill: Committee Will Build on Existing Stablecoin Regulation
The committee chairman also acknowledged how far stablecoin regulation has come in the country. But not only that, but he also admits that a lot of effort – in terms of draft bills – has already been put into stablecoins and crypto in general. To this end, Hill says the committee will hope to learn from previous bills and moving on, will work hand-in-hand with regulators.
Recall that House Financial Services ex-Chair Maxine Waters and then-ranking member Patrick Henry also drafted a stablecoin bill. The highly-anticipated bill, which was in two folds, first seeks to clarify the issue of stablecoin oversight. It also proposes a requirement that all stablecoins are fully backed one-to-one with liquid assets such as cash and US Treasury bills.
As of November, blockchain analytics company Chainalysis compiled a list, suggesting that at least, 20 crypto-related bills were before the US Congress.
Issue of Oversight
Meanwhile, it remains unclear which regulator will have jurisdiction and control over what type of assets. And Hill is confident that the new committee should be able to sort the debate between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) this year.
To achieve this, he says the committee will work with both House and Senate agriculture and banking committees and the House Financial Services Committee. However, he also admits that it will all boil down to clarity and accuracy of information. This is as it pertains to definitions and expectations.
According to Hill, the ultimate goal is to work together to choose the right direction that will benefit developers, consumers, and investors alike.