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US House Republicans to Set Up Crypto Committee to Oversee Shaky Industry: Report
The new subcommittee on digital assets, financial technology and inclusion will be chaired by Rep. French Hill (R-Ark.)
U.S. House Republicans plan to set up a crypto committee in a move that signals the GOP wants to make crypto oversight and legislation a priority, according to a report from Politico.
Incoming Financial Services Chair Patrick McHenry (R-N.C.) created the committee because he felt the Financial Services Committee needed to spend more time on the increasingly tumultuous crypto industry, McHenry told Politico.
STORY CONTINUES BELOW
The new subcommittee on digital assets, financial technology and inclusion will be chaired by Rep. French Hill (R-Ark.), who has investigated the viability of a central bank digital currency. The vice chair of the subcommittee will be Rep. Warren Davidson (R-Ohio), who has also been active on crypto issues.
McHenry told Politico the panel will be responsible for providing clear rules for federal regulators, as well as creating policies that allow financial technology to reach underserved communities.
“We’ve got to respond for oversight and policymaking on a new asset class,” McHenry said.
Read more: Letter From US Senators 'Inappropriate,' Won’t Sway Me, FTX Bankruptcy Judge Says
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
