Representatives Warren Davidson and French Hill will allegedly be the vice chair and chair of the subcommittee, respectively, focused on issues related to digital assets and cryptocurrency.
These Republicans in the US House of Representatives allegedly want to step up their oversight of the crypto sector with the creation of the new subcommittee.
Based on a January 12 report from Politico, chair of the House Financial Services Committee, North Carolina Representative Patrick McHenry, said he planned to create the subcommittee in part because of a big hole in how the committee is currently configured.
Arkansas Representative French Hill and Ohio Representative Warren Davidson will be the chair and vice chair of this subcommittee, respectively, focusing on issues related to financial technology, digital assets, and financial inclusion.
McHenry reportedly stated:
“We’ve got to respond for oversight and policymaking on a new asset class.”
The reported legislative decision is seen to represent one of the first moves by the House Republicans in the 118th Congress since the political party snatched majority control of the chamber on January 3. Legislators were left unable to adopt rules, determine committee assignments, and pass legislation for four days in the new session as Republicans failed to elect a House Speaker.
Buy Bitcoin NowIt took 15 rounds of voting before California Representative Kevin McCarthy could successfully hold the gavel.
Under the stewardship of McHenry, the House Financial Services Committee is expected to convene another hearing to explore the collapse of FTX crypto exchange. The committee first held a hearing into that matter in December, with McHenry stating at the time legislators would convene again to discuss FTX sometime in 2023.
