US House of Representatives Create New Cryptocurrency Committee

US House of Representatives Create New Cryptocurrency Committee

• A new subcommittee that will work toward cryptocurrencies and other digital assets has been created.
• The sub-committee is set to introduce new rules for crypto regulatory authorities.
• Republican Congressman French Hill will head the committee.

On Thursday, Congressman Patrick McHenry revealed that the U.S. House of Representatives has created a new congressional subcommittee that will work toward cryptocurrencies and other digital assets. The committee will help in making more Americans gain access to novel financial products while also taking care of the safety of the country’s financial system.

According to the press release, the Subcommittee on Digital Assets, Financial Technology, and Inclusion will introduce new rules for regulatory authorities and will cover subjects including digital currencies.

The subcommittee will also create policies to further encourage digital financial technology and strengthen diversity and inclusion in the digital asset industry.

The sub-committee will be headed by Republican Congressman French Hill, who has already worked for this committee in the past. Hill has also previously handled Task Forces on Financial Technology and Artificial Intelligence.

I am delighted that in the 118th Congress, I will serve in the pioneering role of Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion of the @FinancialCmte, and as Vice-Chairman of FSC. My full statement, below:https://t.co/Tz4S8obetR

— French Hill (@RepFrenchHill) January 12, 2023

In his statement, Hill noted:

At a time of major technological advancement and change in the financial sector, it is our job to work across the aisle and promote responsible innovation while encouraging FinTech innovation to flourish safely and effectively in the United States.

Note that this subcommittee will be the first of its kind in the United States that will be operated under the House Financial Services Committee and particularly focuses on digital assets. The decision to form a new subcommittee came after the controversial fall of the crypto exchange FTX; as a result of which, the House Financial Services Committee ordered a probe into the FTX case.

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