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US House Republicans to Create Crypto Subcommittee for Oversight and Legislation

The US House Republicans plan to establish a subcommittee to oversee the crypto space amid the ongoing industry-wide downturns. This move signifies that the GOP is putting crypto legislation and management on its agenda. A January 12th report by Politico cites the incoming chair of the financial services committee, North Carolina Representative Patrick McHenry, who revealed his plans on the House Republicans crypto subcommittee. In an interview, McHenry emphasized the need to set up the panel as there is “a big hole” in the committee’s current structure.

Representative French Hill (R-Ark), who led Republicans in the effort to test the successful ability of a CBDC, will head the new subcommittee of crypto assets, financial technology, and inclusion. To assist him as the vice chair would be Representative Warren Davidson (R-Ohio). Notably, Davidson has always been vocal about cryptocurrencies.

Indeed, crypto has become a non-dismissable subject that has led the US House Republicans to set up a subcommittee on its oversight and legislation. Digital assets have also dominated the financial regulation agenda in Congress compared to the past. Before now, the Financial Services Committee was majorly focused on overseeing the affairs of the traditional financial system like banks, Wall Street, and their regulators.

After a massive boom in the crypto industry, the market is now at its lows following the dramatic crash of the ex-crypto exchange giant FTX. The House Financial Services Committee is expected to hold another hearing on the company’s failure. This is coming after a previous hearing in December where many members questioned if SBF’s actions were intentional or due to gross incompetence. They also slammed the former billionaire’s “apology tour.” However, Texas Representative Al Green noted:

“R. Bankman-Friend has pretty much indicated that he just made a big mistake, that he was doing the best that he could to be a servant of great service to humankind. I find it difficult to believe we’re dealing with conscientious stupidity.”

At the time, the committee concluded to hold a second hearing this new year.

Since the company’s demise, crypto companies have been in a defensive position as authorities file fraud charges against many crypto executives. Moving forward, the new crypto subcommittee by the House Republicans will conduct hearings and participate significantly in developing bills. According to McHenry, one of the council’s responsibilities will be to create explicit rules among federal regulators. The group will also develop policies to help underserved communities enjoy financial technology. The chair added they’ve “got to respond to oversight and policymaking on a new asset class.”next

US House Republicans to Create Crypto Subcommittee for Oversight and Legislation

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