Lawmakers create first-ever crypto subcommittee

In mid-January, Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), announced a new subcommittee — Digital Assets, Financial Technology and Inclusion — in the wake of the collapse of crypto exchange FTX late last year. 

The subcommittee will be chaired by Rep. French Hill (R-Ark.), with jurisdiction covering, among other things:

• Providing clear rules of the road among federal regulators for the digital asset ecosystem.
• Developing policies that promote financial technology to reach underserved communities.
• Identifying best practices and policies that continue to strengthen diversity and inclusion in the digital asset ecosystem.

“Committee Republicans are ready to deliver on our promises made to the American people,” said Chairman McHenry. “As a former community banker and U.S. Treasury official, Congressman Hill has the experience and expertise necessary to tackle this challenging undertaking.”

“At a time of major technological advancement and change in the financial sector, it is our job to work across the aisle and promote responsible innovation while encouraging FinTech innovation to flourish safely and effectively in the United States,” said Rep. Hill.

In 2021, Hill co-sponsored the Central Bank Digital Currency (CBDC) Study Act and said, “It is important for the Federal Reserve to not delay its important work on CBDCs any further. America must not fall behind.”