Arkansas congressman French Hill to head the new subcommittee to regulate the crypto market

French Hill, an Arkansas congressman, will chair the Subcommittee on Digital Assets, Financial Technology, and Inclusion.H

e contended that a bipartisan effort is essential to ensure that the FinTech sector may develop in the country safely.

Hill co-sponsored the Central Bank Digital Currency (CBDC) Study Act in 2021, arguing that the Federal Reserve should start working on a CBDC right away to oversee the market.

Michael Bankman-Fried, the former CEO of FTX, has been charged with illegal campaign fundraising breaches and is accused of committing a $8 billion fraud.

Senate Democrats have formed a subcommittee to develop ways to extend the reach of financial technology to neglected communities.

The subcommittee will establish “diversity and inclusion in the digital assetecosystem” through proper practises and rules.