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.
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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.