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Republicans in the US House of Representatives reportedly intend to strengthen their oversight of the crypto industry with the creation of a new subcommittee.
According to a Jan. 12 report from Politico, North Carolina Rep. Patrick McHenry, chairman of the House Financial Services Committee, said he plans to create the subcommittee in part because of a large hole in the current committee structure. The new panel will focus on issues related to digital assets, fintech, and financial inclusion, and will be chaired by Arkansas Rep. French Hill, with Ohio Rep. Warren Davidson serving as deputy. -president.
We must answer for oversight and policymaking on a new asset class, McHenry reportedly said.
The reported legislative decision represented one of the first moves by House Republicans in the 118th Congress since the political party took majority control of the chamber on Jan. 3. Lawmakers were unable to pass rules, determine committee assignments and pass laws for four days. in the new session, the Republicans having failed to elect a Speaker of the House. It took 15 ballots before California Rep. Kevin McCarthy could officially hold the gavel.
Related: Congress May Be Ungovernable, But US Could See Crypto Legislation In 2023
Under McHenry, the House Financial Services Committee is expected to convene another hearing to explore the collapse of cryptocurrency exchange FTX. The committee first held a hearing on the matter in December, with McHenry saying that at the time lawmakers would meet again to discuss FTX in 2023.
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