Cryptocurrency regulation subcommittee set to form in U.S. House of Representatives

The Republican Party, which won a majority in the US Congress at the end of last year, began to form new committees. One of them will be a subcommittee on the regulation of cryptocurrencies. North Carolina Representative and Financial Services Committee Chairman Patrick McHenry said the new subcommittee would “close a big hole” in the committee's structure.. The group will focus on issues related to digital assets, fintech and financial inclusion. The subcommittee will be chaired by Rep. French Hill from Arkansas, and Rep. Warren Davidson from Ohio will be vice chair. “We need to be in charge of overseeing and drafting legislation for this new asset class,” McHenry said. McHenry is also expected to organize another meeting of the Financial Services Committee regarding the collapse of the FTX cryptocurrency exchange.. The first meeting on this issue was held in December last year. Earlier this month, Ripple CEO Brad Garlinghouse expressed hope that U.S. regulators would achieve regulatory clarity on crypto regulation in 2023.