• House Republicans are introducing a new crypto subcommittee in Congress.
• The committee will focus on the regulation and supervision of the failing crypto industry.
• The subcommittee will hold hearings and play a key role in creating laws to help financial technology reach underserved groups.
House Republicans have recently revealed plans to establish a new subcommittee in Congress that will solely focus on cryptocurrencies. The incoming chair of the Financial Services Committee, Republican Patrick McHenry of North Carolina, has stated that he intends to set up the panel in order to address the “big hole in how we structure the committee,” believing that the current setup does not devote enough attention to topics related to cryptocurrencies.
McHenry has been vocal about his priority on issues related to financial technology and has updated the Financial Services subcommittee chairs of the move. The formation of the digital asset group is a very clear indication that cryptocurrency has taken the lead when it comes to financial regulation in Congress, as the main focus of the Financial Services Committee has usually been on regulating banks, Wall Street corporations, and the regulatory agencies that oversee them.
The subcommittee will be responsible for holding hearings and playing a pivotal role in creating laws that will help financial technology reach underserved groups, as well as establishing clear standards across federal regulators. McHenry stated that the committee’s primary goal is to create regulations that will help ensure the health of the cryptocurrency industry, as well as its stability and security.
It is expected that the subcommittee will draw a lot of attention from lobbyists, as the decision taken by McHenry has been subject to heavy scrutiny. It is also important to note that the subcommittee will be the first of its kind, as Congress has never before established a body that deals exclusively with cryptocurrencies.
The move by House Republicans to introduce this new subcommittee is seen as a major step towards the regulation and supervision of the cryptocurrency industry. It is hoped that the new body will be able to address the current issues facing the industry and provide a platform for lawmakers to discuss and create laws that will ensure the health of the industry.