During a session of Congress, Republicans in the House of Representatives revealed plans to set up a new subcommittee that would focus solely on cryptocurrencies. According to House priorities, they want to prioritize regulation and supervision of the failing industry.
During an interview on January 13, Republican Patrick McHenry of North Carolina, the incoming chairman of the Financial Services Committee, said he intended to establish the panel because he believed there was “a big hole in the structure of the committee”. Because it gives more time to discuss topics related to cryptocurrencies. McHenry has placed a long-term priority on issues related to financial technology.
Along with his more comprehensive plans for the leaders of the financial services subcommittees, McHenry briefed the chairs of the financial services subcommittee on the move.
The formation of the Digital Assets Group proves that cryptocurrencies have taken control of the financial regulation agenda in Congress. The primary focus of the Financial Services Committee has often been on the management of banks, Wall Street corporations, and the regulatory agencies that oversee them.
The newly established body will conduct hearings and play a key role in law-making. McHenry, who has prioritized crypto regulations on his policy agenda, said the committee will develop legislation to help fintech reach underserved groups and establish clear standards across federal regulators.
The decision was heavily scrutinized
Lobbyists studied McHenry’s decision for the financial services sector because it was unclear whether he would follow the party’s internal term-limits policy.
McHenry claims that he made it clear to the leadership of his subcommittee that he would adhere to the deadlines imposed by the organization. According to him, “It complements people’s skills and attributes. This means that we will provide fresh perspectives to each subcommittee.
Rep. Maxine Waters (D-Calif.), who served as the committee’s head when Democrats held the majority, was the one who came up with the idea of creating a subcommittee focused on diversity and inclusion.