Republicans in the United States House of Representatives are reportedly planning to improve oversight of the crypto industry by creating a new subcommittee.
According to a January 12 report from Politco, North Carolina Representative Patrick McHenry, chairman of the House Financial Services Committee, said he plans to set up a subcommittee in part because of the “big hole” in how the committee is currently structured. Arkansas Representative French Hill and Ohio Representative Warren Davidson will reportedly chair and vice-chair the subcommittee, focusing on issues related to digital assets, financial technology, and financial inclusion.
“We need to respond to scrutiny and create policies around new asset classes,” McHenry said.
The reported legislative decision is one of the first moves by House Republicans in the 118th Congress since the political party took control of the majority of the chamber on January 3. The lawmakers were unable to adopt rules, determine committee assignments, and pass legislation in four days. in the recent session as the Republicans could not elect the Speaker of the House. It took 15 rounds of voting before California Representative Kevin McCarthy could officially hold the gavel.
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In McHenry, the House Financial Services Committee is expected to convene another hearing to explore the collapse of the FTX cryptocurrency exchange. The committee first held a hearing on the matter in December, with McHenry saying lawmakers will reconvene to discuss the FTX in 2023.