Arkansas Congressman French Hill has a pivotal role in the regulation of cryptocurrency, as a Forbes article last week made clear.
As ledes go, we couldn’t improve on it and we won’t try: “As a storm over how to regulate cryptocurrency rages in Washington, there is nobody with more at stake than Congressman French Hill (R-Ark). Hill is the inaugural chairperson of the new House Subcommittee on Digital Assets, Financial Technology, and Inclusion, and his mission is to set rules for these innovations after a year of high-profile failures and plunging prices.”
Hill said that one of his first priorities will be stablecoins, whose values are pegged to a reference asset, often traditional currencies like gold or the U.S. dollar. Forbes said that the congressman plans to build on what he described as a “cooperative effort last summer and early fall between House Democrats, House Republicans and the Biden administration, in thinking through the right approach.”
A former banker, Hill is uniquely qualified to lead in this area, and his nod to bipartisanship is an approach of which we always approve.
Hill told the Arkansas Democrat-Gazette in December that remedies “should include consumer protections while allowing space for market innovations and changes.” This is an approach of which we also approve. While we remain open to cryptocurrency demonstrating its usefulness, we know for certain that regulation will be required.
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