House Republicans: According to reports, the Republicans who now control the US House of Representatives intend to create a new subcommittee to oversee things relating to cryptocurrencies during this Congress.
Patrick McHenry (R-N.C.), the incoming chair of the Financial Services Committee, told Politico that he intends to establish the panel because he thinks there is “a major void in how we structure the committee” as it devotes more time to crypto-related issues.
When it comes to addressing concerns relating to financial technology, McHenry has been one of the most outspoken members of Congress. He has committed to placing crypto regulation at the top of his legislative agenda. The Financial Services subcommittees and their chairs are currently being reorganized as part of larger plans.
French Hill, a Republican congressman from Arkansas who has led efforts to examine the feasibility of a central bank digital currency (CBDC), has been chosen to serve as the new subcommittee’s chair on digital assets, financial technology, and inclusiveness. Warren Davidson, a representative from Ohio, will be the vice chair of the panel.
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The new digital asset panel was established at a time when regulators from all over the world have begun to pay more attention to cryptocurrencies in the wake of the demise of FTX. In recent years, as lobbying on behalf of the digital asset sector has grown, so too has the scrutiny given to crypto companies wishing to set up shop in the United States.
According to McHenry, the new subcommittee will hold hearings and be entrusted with crafting policies that support financial technology to reach underrepresented communities as well as giving clear guidelines among federal regulators. He declared, “We’ve got to act for supervision and policymaking on a new asset class.
Image Source: politico
One of the first significant actions taken by House Republicans since they assumed majority rule of the 118th Congress on January 3 is McHenry’s choice. At the beginning of the new session, due to the delay in Republicans picking a House Speaker, the legislative body was unable to adopt rules, set committee assignments, and pass legislation for four days. Kevin McCarthy was finally elected to the California House of Representatives after 15 rounds of voting.
After its initial hearing on the subject on December 13, the House Financial Services Committee, chaired by McHenry, is anticipated to convene a second hearing to examine the November collapse of FTX. Following the hearing in December, McHenry said that lawmakers would meet once more to examine FTX in 2023.
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