Republican Lawmakers Create New Subcommittee to Regulate Digital Assets 

  • McHenry disclosed the inclusion of the new standing committee on Digital assets and financial technology. 
  • French Hill appointed as new Vice-Chairman of the Subcommittee.
  • The panel’s jurisdiction will provide a clear road map for the crypto ecosystem.

Republican Lawmakers announced a new subcommittee that will administer the crypto industry. 

Patrick McHenry, chairman of the House Financial Services Committee, announced a new control panel for the unregulated nature of the cryptocurrency industry. The new Standing Committee on Digital assets, Financial Technology, and Inclusion was disclosed on January 12, 2023, by Mr.Patrick. 

As per the news source, in an interview, McHenry, who always looked into technical issues related to finance, talked on the committee. To fill the existing lacking in the committee’s on digital assets, it has decided to form a panel. He said that he believes there is “ a big hole in how we structure the committee” as it spends more time dealing with cryptocurrencies topics. Mr. Patrick states that this is important because there is a clear need for more expertise in the crypto space.

Mr. French Hill will chair the Subcommittee Jurisdiction. In a press release by the U.S. Congressman, Hill, said that, “ I am delighted that in the 118th Congress, I will serve in the pioneering role of the Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion of the House Financial Services Committee. He is appointed as Vice Chairman of the House Financial Services Committee. 

“ I also am proud to serve as the Vice Chairman of the House Financial Services Committee, and I look forward to supporting Chairman McHenry in our work to promote economic prosperity and deliver on our Commitment to America,” Hill added. 

According to the official website of the Financial Services Committee, the decided Subcommittee administration will work on the listed below things:

1)The panel jurisdiction will provide a clear road map for the crypto ecosystem.

2)To develop ethics that will promote fintech technology. 

3) The committee will analyze the best policies that will carry on “strengthen diversity” in the crypto ecosystem.

With this move, the Republican Party is looking to be at the forefront of understanding and regulating the crypto space. The year 2022 was clotted with various sad and unforeseen events for the crypto industry. The ecosystem collapsed, exchange fell out and coupled with the harsh crypto winter, everyone suffered. But Spring seems to be on the horizon as Republican lawmakers are bringing.