Republicans on the House Financial Services Committee announced Thursday that they are starting a new one Subcommittee on Cryptocurrency after a difficult year for the industry.
Rep. French Hill, R-Ark., will serve as the inaugural chair of the Subcommittee on Digital Assets, Financial Technology and Inclusion.
“In a moment of major technological progress and change in the financial sector, our job is to work across the aisle and promote responsible innovation while encouraging FinTech innovation to thrive safely and efficiently in the United States,” Hill said in a statement.
The responsibilities of the new panel will include providing guidance to federal regulators who oversee the burgeoning industry and the cultivation of policies to reach underserved communities, according to Hill.
Some lawmakers and regulators are pushing for greater oversight of the digital asset industry after a year that saw the collapse of FTX, once the world’s second-largest exchange.
Sam Bankman-Friedfounder and former CEO of FTX, was arrested last month and has pleaded not guilty to fraud, money laundering and campaign finance violations.
Cryptocurrencies have also seen a sharp decline in the past year. Bitcoin, the largest cryptocurrency by market capitalization, fell below $20,000 by the end of 2022 and lost more than 60% of its value.
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