Patrick McHenry, a Republican member of the US House of Representatives, announced the formation of a subcommittee in Congress focused on digital assets. This is one of the first actions of the House of Representatives during the rule of the Republican Party.
The Subcommittee on Digital Assets, Financial Technology and Equity will be the first committee in the United States to focus specifically on digital assets and will operate under the House Financial Services Committee.
According to a press release Thursday, the new subcommittee will develop rules for federal agencies on digital currencies and provide policies to promote digital financial technology and promote diversity and equity in the industry.
The subcommittee will be chaired by Republican Congressman French Hill, who is one of the main sponsors of the National Digital Currency (CBDC) issue in Congress.
“In a time of technological advancements and major changes in the financial sector, it is our job to stand together in the Senate and House of Representatives and promote responsible innovation,” Hill said in a statement Thursday. “While fostering safe and effective financial innovation for the prosperity of the United States.”
The new subcommittee was formed following the House of Representatives Financial Services Committee’s investigation into the multi-billion dollar collapse of the Bahamas-based cryptocurrency exchange FTX.com. McHenry, the new chairman of the Financial Services Committee, said that the Securities and Exchange Commission (SEC) has not taken enough action against bad actors in the digital currency market.
In December, Senator Elizabeth Warren introduced a bill that would require US crypto businesses to comply with KYC rules to prevent money laundering.
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