On Thursday, as reported by Politico and CNBC, Republican senators announced the formation of a new group to regulate the cryptocurrency business. The goal of the Subcommittee on Digital Assets, Financial Technology, and Inclusion, led by Representative French Hill (R-AR), is to give federal regulators “clear rules of the road.”
Other responsibilities include bolstering “diversity and inclusion” in the cryptocurrency business, which has come under increasing scrutiny after the shocking implosion of FTX, and spreading awareness of financial technology to marginalised populations. House Financial Services Committee Chairman Patrick McHenry (R-NC) told Politico that he established the subcommittee to fill a “huge vacuum” in the committee’s oversight of crypto regulations.
Rep. French Hill will serve as the first-ever Digital Assets Subcommittee Chair and Vice Chair of the whole Committee, McHenry writes in a statement. I’m excited to collaborate with him to establish transparent guidelines for this industry that safeguard consumers without stifling innovation in the United States.
Whether or not the new subcommittee will be effective in establishing crypto legislation remains to be seen, as does whether or not its policies will be able to pass muster in the Senate, which is now controlled by the Democrats and is drafting its own crypto-related regulations.
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