US House Republicans to Set Up Crypto Committee to Oversee Shaky Industry: Report

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.

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