US Congressman Calls on Congress to Take “Joint Action” on Cryptocurrency Regulation

According to reports, Representative French Hill, chairman of the newly established House Financial Services Subcommittee, which focuses on digital assets, said that Congress needs to “work together” to regulate cryptocurrencies.

Interpretation of this information:

The call for regulation of cryptocurrencies was echoed by Representative French Hill, chairman of the newly established House Financial Services Subcommittee. The subcommittee which focuses on digital assets recognizes the proliferation of cryptocurrencies and the lack of regulation that surrounds it. Hill emphasizes that to properly regulate cryptocurrencies, Congress needs to work together to tackle the challenges that come with it.

Cryptocurrencies have been gaining popularity since the creation of Bitcoin in 2009. These digital assets are decentralized, meaning that they are not backed by any government or financial institution. Transactions can be made anonymously and are recorded on a blockchain, which is essentially a public ledger that keeps track of every transaction that has been made. However, with the lack of regulation surrounding cryptocurrencies, illegal activities such as money laundering and tax evasion have been associated with it.

Congress has been investigating and discussing the regulation of cryptocurrencies, and the establishment of the House Financial Services Subcommittee on digital assets is a step toward addressing this issue. Hill emphasizes that regulation is needed to protect consumers, stating that “We need to ensure that dishonest folks aren’t able to evade taxes, launder money, or dupe unsuspecting investors.”

In calling for Congress to “work together,” Hill is referring to the need to bring stakeholders together to establish a framework for regulating cryptocurrencies. This includes working with financial institutions, cybersecurity experts, regulators, and lawmakers to create a set of guidelines that ensures the proper use and protection of digital assets.

In conclusion, the call for regulation of cryptocurrencies is growing stronger as it becomes more widely used. Representative French Hill, chairman of the newly established House Financial Services Subcommittee, emphasizes the need for Congress to work together to regulate these digital assets. This is crucial to protect consumers and prevent illegal activities associated with cryptocurrencies.