Republican lawmakers announced a new panel on Thursday that will oversee the cryptocurrency industry, as previously reported by political Y CNBC. Led by Representative French Hill (R-AR), the Subcommittee on Digital Assets, Financial Technology and Inclusion aims to provide “clear rules of conduct” for federal regulators.
Some other roles include promoting fintech for underserved communities, as well as strengthening “diversity and inclusion” in the cryptocurrency industry, which has come under increased scrutiny following FTX’s impressive implosion. Rep. Patrick McHenry (R-NC), chairman of the House Financial Services Committee, says political which created the panel to address a “big hole” in the way the general committee deals with crypto policy.
“I am proud to announce Congressman French Hill as Chairman of the first Congressional Digital Assets Subcommittee and Vice Chairman of the full committee,” McHenry says in a statement. “I look forward to working with him to provide clear rules for this ecosystem that protect consumers, while allowing innovation to thrive here in the US.”
It’s too early to say how successful the new subcommittee will be when it comes to establishing crypto regulation, or whether it will be able to push its policies beyond a Democratic-controlled Senate. that it is working on its own laws related to cryptocurrencies.
