Fran Velasquez Fran is CoinDesk TV's writer and reporter. He owns no crypto holdings. Follow @ _franvela on Twitter Stablecoin legislation will be one of the top priorities for the newly formed U. S. House of Representatives subcommittee on digital assets, financial technology and inclusion, Rep. French Hill (R-Ark. ) said told CoinDesk TV’s “First Mover” on Thursday. “That’s a starting point for the committee,” Hill said. “But we want to also pursue … a privacy statute federally, which I think is important to a digital future [and] part of the foundation of moving from an analog financial services environment to a more digital environment. ” Hill, the chairman of the subcommittee, added, "We're also going to do oversight hearings on both the regulators and some of the actions of last year so that we can learn from that . . . " One such action was the "Ugly Baby" bill stablecoin bill worked out by then-Chair Maxine Waters (D-Calif. ) and raking Republican Rep. Patrick Henry (R-N. C. ) of the House Financial Services committee. Stablecoins , which are backed by an asset such as the U. S. dollar or gold, appear to be the most straight-forward, or “ low-hanging fruit ,” tied to crypto. Hill said the committee’s current draft on stablecoins will serve as a model of how it will approach digital asset regulation. Hill said “that’s not clear yet” when asked whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) should be the primary regulator of spot crypto markets. He said that will be something else the subcommittee will sort through this year. To that end, he said the subcommittee will work with both House and Senate agriculture and banking committees and the House Financial Services Committee. Hill said the goal of lawmakers on Capitol Hill is to work together to “pick the right direction” that will help “produce innovation” that is beneficial to developers, consumers and investors. What is critical to the development of crypto in the broader market now is “accurate [and] timely information,” according to Hill, and that depends on developing “definition and expectations,” to better understand what, when and how crypto-related assets are reported. “If you want to see financial innovation in this space, you're going to have to have accurate information,” Hill said. Read more: US House Republicans to Set Up Crypto Committee to Oversee Shaky Industry: Report DISCLOSURE Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated . The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG . Fran Velasquez Fran is CoinDesk TV's writer and reporter. He owns no crypto holdings. Follow @ _franvela on Twitter Learn more about Consensus 2023 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus. coindesk. com to register and buy your pass now. Fran Velasquez Fran is CoinDesk TV's writer and reporter. He owns no crypto holdings. Follow @ _franvela on Twitter.