US House of Representatives to Strengthen Their Oversight in Crypto Sector

  • Problems relating to digital assets will be the focus of the new panel.
  • The House Financial Services Committee is to hold another hearing to investigate the collapse of FTX.

According to reports, Republicans in the US House of Representatives propose to form a new subcommittee. This is to strengthen their control of the cryptocurrency sector. In an interview on Thursday, incoming Financial Services Chair Patrick McHenry, who has long focused on financial technology issues, asserted that he intends to develop the panel. Because he thinks there is a big hole in how to structure the committee as it devotes more time to discussing crypto-related issues.

Significant Role of Subcommittee

U.S. Congressman Patrick McHenry, who serves North Carolina’s 10th Congressional District, has been elected the new chairman of the U.S. House Committee on Financial Services. He has served on the committee since being first elected in 2005. 

Under McHenry’s initiative to establish a framework for digital assets in the upcoming year, the decision to create the crypto subcommittee was made. Creating policies that encourage the use of financial technology to reach marginalized groups is one of the sub-committee’s goals, as is establishing clear guidelines for digital assets. 

Rep. French Hill (R-Ark.) will serve as chair of the subcommittee on digital assets, financial technology, and inclusion. He has led Republican efforts to investigate the viability of a central bank digital currency. The vice chair of the subcommittee will be Rep. Warren Davidson (R-Ohio), another prominent voice on crypto in the House. The new subcommittee will conduct hearings and play an important role in the development of measures. 

Journalism graduate who loves to write and Karate. And I love exploring new concepts and that brought me into the fascinating crypto and blockchain technology…