Rep. French Hill led a “digital assets” hearing last Wednesday in D.C., now that temporary House Speaker Rep. Patrick McHenry is back at the helm as Chair of his House Financial Services Committee and the House is back to work.
Hill’s Subcommittee on Digital Assets, Financial Technology and Inclusion led the October 25 hearing titled “Modernizing Financial Services Through Innovation and Competition” to support these as-yet-unnumbered, proposed House bills:
“Financial Services Innovation Act of 2023”
“Earned Wage Access Consumer Protection Act”
“Examining Consumer Choice in Digital Payments Act”
“Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act”
Rep. Hill, who became Subcommittee Chair this year, is said to have “a pivotal role in the regulation of cryptocurrency,” as his Subcommittee’s mission is to set regulatory rules for the burgeoning industry, per a February, 2023 Forbes piece that dubbed him the “Crypto Czar.”
Hill, who is praised for his bipartisan approach on many issues, calls on a “cooperative effort last summer and early fall between House Democrats, House Republicans and the Biden administration, in thinking through the right approach” to put together the nation’s first regulatory structure for cryptocurrency.
