Congressional Digital Assets Working Group Launches
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced at the first hearing held by the Task Force on Financial Technology that she has organized a Digital Assets Working Group of Democratic Members.
“As cryptocurrencies, central bank digital currencies and other digital assets enter the mainstream, the Committee will look at how digital assets have begun to enter many aspects of our lives – from payments to investments to remittances – and consider how to devise legislation to support responsible innovation that protects consumers and investors while promoting greater financial inclusion. So, I am pleased to announce that I have organized a Digital Assets Working Group of Democratic Members that will examine the issues at hand in the digital assets space.”
— U.S. House Committee on Financial Services (@FSCDems) June 16, 2021
Digital Asset Working Group Members (by order of Committee seniority) include:
- Representative Brad Sherman (D-CA), Chair of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets;
- Representative Al Green (D-TX), Chair of the Subcommittee on Oversight and Investigations;
- Representative Jim Himes (D-CT), Chair of the Subcommittee on National Security, International Development and Monetary Policy;
- Representative Bill Foster (D-IL), Chair of the Task Force on Artificial Intelligence;
- Representative Josh Gottheimer (D-NJ);
- Representative Michael San Nicolas (D-GU);
- Representative Sean Casten (D-IL);
- Representative Ritchie Torres (D-NY);
- Representative Stephen Lynch (D-MA), Chair of the Task Force on Financial Technology;
- Representative Jesus “Chuy” Garcia (D-IL);
- Representative Sylvia Garcia (D-TX); and
- Representative Nikema Williams (D-GA).
The Digital Assets Working Group will focus on making sure there is responsible innovation in the cryptocurrency and digital asset space. Members are meeting regularly with experts and government officials to learn about the challenges and promise of digital assets. Members plan to work together on legislation and policy solutions on such matters as cryptocurrency regulation, the use of blockchain and distributed ledger technology, and the possible development of a U.S. Central Bank Digital Currency.
Source: US House Committee on Financial Services
It may take 10-15 years for DeFi to be broadly accepted across financial markets.
Institutional investors are increasingly considering opportunities in the digital asset class.
Countless firms are looking to fill the gaps in institutional trading of digital assets.
The all party group provides a forum for parliamentarians, regulators, Government and industry.
The deal lays a foundation for a regulated highly scalable ecosystem for digital assets.