• House Republicans are setting up a new subcommittee on digital assets, financial technology and inclusion, chaired by Rep. French Hill (R-Ark).
• The goal of the committee is to provide clear rules for federal regulators and create policies that allow financial technology to reach underserved communities.
• The vice chair of the subcommittee will be Rep. Warren Davidson (R-Ohio), who has also been active on crypto issues.
House Republicans are taking steps to ensure that the crypto industry is properly regulated and that the public is well-protected. In a move to make oversight and legislation a priority, a new subcommittee on digital assets, financial technology and inclusion has been created by incoming Financial Services Chair Patrick McHenry (R-N.C.). The committee will be chaired by Rep. French Hill (R-Ark.), and the vice chair will be Rep. Warren Davidson (R-Ohio), both of whom have been active on crypto issues.
The purpose of the subcommittee is to provide clear rules for federal regulators and create policies that allow financial technology to reach underserved communities. McHenry believes the Financial Services Committee needed to spend more time on the increasingly tumultuous crypto industry, and so he set up this committee to do just that. The subcommittee will be responsible for overseeing the crypto industry and keeping it safe for the public.
The subcommittee will also focus on working with the crypto industry to create an environment where innovation and entrepreneurship can thrive. It will look at ways to make sure that crypto businesses are following the rules and that consumers are protected. This will involve developing guidelines for the industry and making sure that those guidelines are being followed.
The subcommittee will also be looking into ways to make sure that financial technology can be used to bridge the gap between the underserved and the mainstream financial system. This includes looking at ways to increase access to financial services and products, such as digital wallets and payment methods, as well as exploring ways to make sure that the crypto industry is not being used for illegal activities.
Overall, the subcommittee is looking to create an environment where the crypto industry is properly regulated, and where the public is safe and secure. With the help of this subcommittee, the United States could become a leader in the crypto and fintech space.