US House Republicans to Create Crypto Subcommittee for Oversight and Legislation

2023-1-13 14:14

Coinspeaker
US House Republicans to Create Crypto Subcommittee for Oversight and Legislation

The US House Republicans plan to establish a subcommittee to oversee the crypto space amid the ongoing industry-wide downturns. This move signifies that the GOP is putting crypto legislation and management on its agenda. A January 12th report by Politico cites the incoming chair of the financial services committee, North Carolina Representative Patrick McHenry, who revealed his plans on the House Republicans crypto subcommittee. In an interview, McHenry emphasized the need to set up the panel as there is “a big hole” in the committee’s current structure.

House Republicans Focus on Subcommittee to Oversee Crypto

Representative French Hill (R-Ark), who led Republicans in the effort to test the successful ability of a CBDC, will head the new subcommittee of crypto assets, financial technology, and inclusion. To assist him as the vice chair would be Representative Warren Davidson (R-Ohio). Notably, Davidson has always been vocal about cryptocurrencies.

Indeed, crypto has become a non-dismissable subject that has led the US House Republicans to set up a subcommittee on its oversight and legislation. Digital assets have also dominated the financial regulation agenda in Congress compared to the past. Before now, the Financial Services Committee was majorly focused on overseeing the affairs of the traditional financial system like banks, Wall Street, and their regulators.

After a massive boom in the crypto industry, the market is now at its lows following the dramatic crash of the ex-crypto exchange giant FTX. The House Financial Services Committee is expected to hold another hearing on the company’s failure. This is coming after a previous hearing in December where many members questioned if SBF’s actions were intentional or due to gross incompetence. They also slammed the former billionaire’s “apology tour.” However, Texas Representative Al Green noted:

“R. Bankman-Friend has pretty much indicated that he just made a big mistake, that he was doing the best that he could to be a servant of great service to humankind. I find it difficult to believe we’re dealing with conscientious stupidity.”

At the time, the committee concluded to hold a second hearing this new year.

Since the company’s demise, crypto companies have been in a defensive position as authorities file fraud charges against many crypto executives. Moving forward, the new crypto subcommittee by the House Republicans will conduct hearings and participate significantly in developing bills. According to McHenry, one of the council’s responsibilities will be to create explicit rules among federal regulators. The group will also develop policies to help underserved communities enjoy financial technology. The chair added they’ve “got to respond to oversight and policymaking on a new asset class.”next

US House Republicans to Create Crypto Subcommittee for Oversight and Legislation

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto subcommittee republicans legislation oversight create house

crypto subcommittee → Результатов: 23


Фото:

On Curbing Market Manipulation, Sen. Warren Tells Why She’s Skeptical Of Bitcoin As An Inflation Hedge

The cryptocurrency market requires tighter regulation to benefit small-scale investors and enable the government to push back on the whale-ridden market, according to Senator Elizabeth Warren. The Chair of the Senate Banking Subcommittee made the remarks during an interview with CNBC, adding that heavy money movers often manipulate the price of crypto assets like bitcoin […]

2021-7-29 17:47


“America on FIRE”: Congressional Crypto Hearing Focused on the Market Frenzy

Cryptocurrencies were once again the focus of the hearing of a subcommittee of the House Financial Services Committee on June 30. Right from the get-go, Congress was pretty clear on their bais with the hearing titled “America on ‘FIRE': Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?” Instead of […] The post “America on FIRE”: Congressional Crypto Hearing Focused on the Market Frenzy first appeared on BitcoinExchangeGuide.

2021-7-2 20:54


Фото:

Bitcoin-Bashing U.S. Rep Sherman Calls For Outright Ban On Cryptocurrencies

United States Congressman Brad Sherman (D-CA) has urged his colleagues to consider completely shutting down cryptocurrencies, arguing that they are “highly volatile”.  Sherman: Crypto Facilitates Tax Evasion A congressional hearing hosted by the House Financial Services Oversight Subcommittee on June 30 performed an overview of the budding crypto ecosystem. Sherman observed that it would make […]

2021-7-1 21:22


SEC Gary Gensler: There Are Many Gaps in Investor Protections in the Crypto Market, Including DeFI

Gensler Calls Out Crypto In written testimony before the Subcommittee on Financial Services, newly appointed SEC Chair Gary Gensler touched on several issues bothering the regulatory agency. Zooming in on critical areas like fintech and private funds, Gensler lent his voice to the much-talked-about cryptocurrency market.

2021-5-27 19:46


Фото:

U.S. Lawmakers Examining Cryptocurrencies’ Role in Domestic Terrorism Funding

U.S. lawmakers will discuss whether or not terrorists use cryptocurrencies and decentralized systems to fund attacks on Thursday. Crypto in Terrorism Funding The House Financial Services Committee subcommittee on National Security, International Development and Monetary Policy revealed further details concerning its hearing on domestic terrorism funding late Wednesday, together with witness testimony. While cryptocurrencies aren’tRead More

2021-2-26 22:00


Фото:

Crypto’s Influence on Elections to be review by US Senate

The U.S. Senate is looking to assess the impact of cryptocurrencies on American elections. The Senate’s Subcommittee on Crime and Terrorism will host a hearing titled “Protecting Our Elections: Examining Shell Companies and Virtual Currencies as Avenues for Foreign Interference” on June 26, according to a scheduled posted on the U.S. Senate Committee on the

2018-6-23 23:42