US Financial Services Group and Agriculture Committee to Collaborate on Cryptocurrency Regulation

03/03/2023 23:02 • Blockchain Buzz • 148 views

It is reported that French Hill, the chairman of the Financial Services Group of the United States House of Representatives, which focuses on digital assets, said that the group planned to cooperate with the House Agriculture Committee on the regulatory framework of cryptocurrency. “We will do our best to cooperate with House Ag in this process,” Representative French Hill said at the future digital asset seminar of the Milken Institute on Thursday

The U.S. House Financial Services Group, which focuses on digital assets, plans to work with the House Agriculture Committee to develop encryption legislation

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The chairman of the Financial Services Group of the United States House of Representatives, French Hill, has announced his plans to collaborate with the House Agriculture Committee in regulating cryptocurrency. Hill made the declaration at the future digital asset seminar of the Milken Institute on Thursday. According to Hill, his group is looking forward to cooperating with the House Agriculture Committee in the process of creating a regulatory framework for digital assets.

The US government has been grappling with how to regulate cryptocurrency for several years now. While some countries like Japan and Switzerland have embraced cryptocurrencies, the US government has taken a cautious approach to the new asset class. The US Securities and Exchange Commission (SEC) has so far refused to approve any bitcoin ETF proposals citing potential fraud and manipulation risks. With this collaboration, however, it seems that the US government is finally taking steps towards an effective regulatory framework for cryptocurrency.

French Hill’s decision to collaborate with House Ag seems to be a strategic move aimed at cementing the role of his committee in digital assets regulation. The House Agriculture Committee has already taken steps towards regulating cryptocurrency. In 2019, the committee held a hearing on the subject where they discussed possible regulatory frameworks for virtual currencies. Hill’s decision to partner with this committee could give his group the legitimacy they need to make significant headway in regulating cryptocurrencies in the US.

In conclusion, the collaboration between the Financial Services Group and the House Agriculture Committee on cryptocurrency regulation is a promising development for the US government’s approach to digital assets. It is a positive sign that members of the government are taking an active interest in creating a regulatory framework that will keep consumers safe while encouraging innovation in the industry. Hopefully, this initiative will lead to more decisive and effective policy changes in the future.

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