Republican lawmakers announced a new panel on Thursday that will oversee the cryptocurrency industry, such as previously reported by Politics and CNBC. Headed by Representative French Hill (R-AR), the subcommittee on digital assets, financial technology and inclusion aims to provide “clear road rules” for federal regulators.
Some other tasks include promoting financial technology to underserved communities, as well as strengthening “diversity and inclusion” in the crypto industry, which has come under scrutiny following the stunning implosion of FTX. Representative Patrick McHenry (R-NC), the chairman of the House Financial Services Committee, explains Politics that he created the panel to address a “big hole” in the overarching commission’s handling of crypto policy.
“I am proud to announce Congressman French Hill as chair of the first-ever Digital Assets Subcommittee of Congress and vice chair of the full committee,” McHenry says in a statement. “I look forward to working with him to provide clear road rules for this ecosystem that protects consumers while allowing innovation to thrive here in the US”
It is too early to say how successful the new subcommittee will be at establishing crypto regulation, or whether it will be able to get its policies outside of a Democratic-controlled Senate. which is working on its own crypto-related laws.