Republicans Establish New Subcommittee for Crypto Oversight in Congress

New Subcommittee on Crypto Oversight

The House of Representatives is jumping into the crypto trend like a kid in a candy store. Representative Patrick McHenry from North Carolina announced plans to establish a new subcommittee focused on digital assets, financial tech, and the vital topic of financial inclusion. This comes as part of a greater push to fill what McHenry describes as a “big hole” in the committee’s current structure. Not to throw shade, but it sounds like they realized they had forgotten to invite crypto to the party.

Leadership Line-up

So who’s steering this shiny new vessel? Arkansas’s Representative French Hill will take the helm as chair, supported by Ohio’s own Warren Davidson as vice chair. Together, they’ll be sifting through issues that involve not only navigating the murky waters of cryptocurrencies but also ensuring that everyone gets a shot at financial inclusion. In other words, they’re not just diving into Bitcoin without a life jacket.

Kickoff in the 118th Congress

This initiative represents one of the first major moves by House Republicans in the current Congress following their majority control, which they finally secured on January 3. It only took about four days—a real exercise in democracy as they couldn’t even agree on the House Speaker initially. Apparently, the drama was so thick you could cut it with a knife, as it took a whopping 15 rounds of voting before they finally decided on Representative Kevin McCarthy.

FTX and Beyond

This isn’t just a tale of bureaucratic maneuvering, folks. Under McHenry’s leadership, the House Financial Services Committee is set to revisit the collapse of cryptocurrency exchange FTX. After an initial hearing on the topic last December, lawmakers are gearing up for another round in 2023. Yes, they’re diving back into the FTX saga faster than a dog chasing its tail. What will they uncover? Only time will tell—hopefully with fewer curveballs than the last season of your favorite reality show.

What’s Next for Crypto Legislation?

With this new focus on crypto, it’s safe to say that there’s a buzz in the air. Expect a flurry of discussions about regulation and oversight as lawmakers and cryptocurrency enthusiasts alike wait to see if 2023 will finally be the year for comprehensive crypto legislation. Given recent events, it seems like Congress may be taking the “better late than never” approach to this new asset class.