- House Republicans move to regulate the crypto industry with a new subcommittee that will foster the crypto space.
- The subcommittee’s jurisdiction will cover, the Provision of clear rules of the road among federal regulators for the digital asset ecosystem.
House Republicans have launched a new subcommittee to oversee the crypto and fintech industries. The subcommittee will be chaired by French Hill of Arkansas and will be part of the House Financial Services Committee.
The creation of the subcommittee comes amid growing concerns about the unregulated nature of the crypto space. The collapse of the crypto exchange FTX and the indictment of its founder, Sam Bankman-Fried, have highlighted the need for more oversight of the industry.
The subcommittee is expected to focus on developing policies that will promote financial innovation while also protecting consumers from fraud and abuse. It will also work to coordinate the efforts of different regulators, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The subcommittee’s creation is a sign that Congress is taking the crypto industry seriously. It remains to be seen how effective the subcommittee will be, but it is a step in the right direction for regulating this rapidly growing industry.