US Republicans are pushing for cryptocurrency regulation through a new committee

Washington – AA

Posted on: Saturday, January 14, 2023 – 10:50 PM | Last update: Saturday January 14, 2023 – 10:50 PM

Republican lawmakers in the US House of Representatives announced the formation of a new subcommittee that will oversee the cryptocurrency industry, led by Rep. French Hill, that aims to provide “clear rules of the road” for federal regulators.

The Verge reported that the new Commission on Digital Assets, FinTech and Inclusion will include promoting financial technology for underserved communities, as well as promoting “diversity and inclusion” in the cryptocurrency industry, which has come under increased scrutiny following the shocking implosion of the largest cryptocurrency exchange. FTX.

In this regard, Patrick McHenry, R-N.C., chairman of the House Financial Services Committee, said in a statement that he created the subcommittee to address a “significant loophole” in how the overall committee handles crypto policies.

“I am proud to announce Congressman French Hill as the first chair of the Congressional Digital Assets Subcommittee and Vice Chair of the full committee,” McHenry said in the statement. “I look forward to working with him to provide clear rules of the road for this ecosystem that protects consumers, while allowing innovation to flourish here in the states.” United”.

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