House Republicans Plan To Launch Digital Asset Subcommittee

January 16, 2023 6:53 pm Comments

Could this hurt or help crypto?

The House Financial Services Committee announced last week on Thursday that they are starting a special subcommittee dedicated to cryptocurrency.

The new subcommittee would be called  Subcommittee on Digital Assets, Financial Technology, and Inclusion.

The new subcommittee will be headed up by Rep. French Hill, RArk and its goal is to bring together lawmakers and regulators to create policies that help the cryptocurrency industry and reach people who don‘t have access to it.

The committee also aims to make sure the industry is safe and secure for people to use and make sureana FTX scandal never happens again.

Fox Business shared these details:

Republicans on the House Financial Services Committee announced Thursday that they are launching a new subcommittee on cryptocurrency after a troubled year for the industry.

Rep. French Hill, R-Ark., will serve as the inaugural chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion.

“At a time of major technological advancement and change in the financial sector, it is our job to work across the aisle and promote responsible innovation while encouraging FinTech innovation to flourish safely and effectively in the United States,” Hill said in a statement.

The new panel’s responsibilities will include providing directives to federal regulators who oversee the burgeoning industry and cultivating policies to reach underserved communities, according to Hill.

Some lawmakers and regulators have been clamoring for more oversight of the digital asset industry after a year that saw the implosion of FTX, which was once the second-largest exchange in the world.

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