U.S. Congress forms a dedicated cryptocurrency subcommittee

The U.S. House of Representatives formed a subcommittee focused on digital assets within the Committee on Financial Services.

The panel will focus on crafting rules for federal regulators on cryptocurrencies. It is also empowered to develop policy to promote digital financial technologies and to bolster diversity and inclusion within the industry.

The subcommittee became Republican congressman French Hill, who previouslyled efforts to study CBDC.

“Our work is about building bridges, while encouraging the safe and effective development of fintech innovations in the United States,” — he said.

The initiative followed investigation by the Committee on the collapse of the FTX exchange. The new Speaker of the House, Patrick McHenry, underlined that the SEC had shown insufficient effort against “bad actors” in the industry.

In December, Senate Banking Committee Chairman Sherrod Brown suggested that regulators should consider the question of banning cryptocurrencies. He acknowledged the difficulty of implementing such a scenario.

introduced a bill, tightening the measures to combat money laundering using cryptocurrencies. The document also contemplates expanding the powers of the SEC and the CFTC.

urged tighter cryptocurrency regulation, drawing parallels between FTX and Lehman Brothers.

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