USA: New Crypto Committee Created To Focus On Bitcoin & Co.

Lavina Daryanani
Source: Forkast

After everything that happened within the crypto ecosystem in 2022, regulators have been taking measures to protect investors. Israel’s Securities Authority is moving forward to establish a new legal framework. Regulations in France and Australia have also amplified and they will be active in the days to come. Brazil, on the other hand, has officially passed its crypto regulation bill.

Now, in another development that unraveled on Thursday, Republicans from the House Financial Services Committee, announced that they will establish a new subcommittee focussing on crypto.

Committee To Provide Clear Rules, Develop Policies

Incoming Financial Services Chair Patrick McHenry told in an interview that the panel is being created because there is “a big hole in how we structure the committee.”

The official also revealed that the subcommittee will focus on providing clear rules among federal regulators and developing policies that promote financial technology to reach deprived communities. He added,

“We’ve got to respond for oversight and policymaking on a new asset class.”

Rep. French Hill will reportedly serve as the first Chairman of the subcommittee on Digital Assets, Financial Technology, and Inclusion.

Hill said in a statement,

“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.”

Notably, Hill has overseen Republican efforts to investigate the viability of a central bank digital currency. Rep. Warren Davidson, on the other hand, will serve as the subcommittee’s Vice Chair.

Additionally, there have been several other important updates pertaining to financial regulation in the US. House Republicans recently proposed a bill to abolish the IRS and eliminate income tax. Just a day back, President Joe Biden said that he will “veto” the bill if at all it made its way to his desk.

Read More: President Joe Biden Says He Will “Veto” House Republican Bill to Abolish the IRS