During a session of Congress, the Republicans in the House of Representatives revealed plans to establish a new subcommittee that will only focus on cryptocurrencies. According to the house’s priorities, they want to prioritize the regulation and supervision of the failing industry.
During an interview on Jan. 13, the incoming chair of the Financial Services Committee, Republican Patrick McHenry of North Carolina, stated that he intends to establish the panel because he believes there is “a big hole in how we structure the committee” as it devotes more time to discussing topics related to cryptocurrencies. McHenry has placed a long-standing priority on issues related to financial technology.
Along with his more extensive plans for the leaders of the Financial Services subcommittees, McHenry informed the Financial Services subcommittee chairs of the move.
The formation of the digital asset group proves that cryptocurrency has grabbed control of the agenda for financial regulation in Congress. The Financial Services Committee’s primary focus has often been on managing banks, Wall Street corporations, and the regulatory agencies that oversee them.
The newly established body will hold hearings and play a key role in creating laws. McHenry, who has prioritized crypto rules on his policy agenda, said that the committee would develop laws to help financial technology reach underserved groups and establish clear standards across federal regulators.
Heavy scrutiny was imposed on the decision
Lobbyists studied McHenry’s decision for the financial services sector since it was unclear if he would adhere to the party’s internal term-limit policy.
McHenry asserts that he made it very clear to the leadership of their subcommittee that he would adhere to the time limitations imposed by the organization. According to him, “this complements people’s skills and attributes. It implies that we will provide each subcommittee with fresh viewpoints.”
Rep. Maxine Waters (D-Calif.), who served as head of the committee when the Democrats had the majority, was the one who came up with the idea to create a subcommittee focused on diversity and inclusion.