US House Republicans are reportedly planning to step up their oversight of the crypto industry with the creation of a new subcommittee.
According to a Jan. 12 Politco report, North Carolina Rep. Patrick McHenry, chairman of the House Financial Services Committee, said that planned establishing the subcommittee in part because of โa big holeโ in the current committee structure. Arkansas Rep. French Hill and Ohio Rep. Warren Davidson will reportedly serve as the chair and vice chair of the subcommittee, respectively, focused on issues related to digital assets, fintech and financial inclusion.
โWe have to answer for oversight and policymaking on a new asset class,โ McHenry reportedly said.
The reported legislative decision represented one of the first moves by House Republicans in the 118th Congress since the political party took majority control of the chamber on January 3. Lawmakers were unable to adopt rules, determine committee assignments and pass legislation for four days. in the new session as Republicans could not choose a speaker of the House. It took 15 rounds of voting before California Representative Kevin McCarthy could officially hold the gavel.
Related: Congress may be 'ungovernable', but the US could see crypto legislation in 2023
Under McHenry, the House Financial Services Committee is expected to call another hearing to explore the collapse of cryptocurrency exchange FTX. committee first held a hearing on the matter in December, and McHenry said at the time that lawmakers would meet again to discuss FTX sometime in 2023.
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