The Republicans in the American House of Representatives now want to decisively advance their regulatory efforts with regard to the crypto industry with the establishment of a new parliamentary subcommittee.
Like Politico yesterday January 12th reported , Representative Patrick McHenry from North Carolina, who is also chairman of the parliamentary finance committee, is planning the new committee as an addition to the finance committee, because it would have a “big blind spot” when it comes to cryptocurrencies. Accordingly, the new subcommittee is to start here, which is to be chaired by the representatives French Hill (Arkansas) and Warren Davidson (Ohio).
“We have to take on the supervision and regulation of a new asset class,” as McHenry says.
The creation of the new committee is one of the first major acts since Republicans took control of the House of Representatives on January 3rd. The reason for this is that the change of power was slow, because for four days the parliament could not agree on the election of a new House Speaker – the American President of the Bundestag, so to speak. After 15 rounds of voting, Representative Kevin McCarthy (California) was finally sworn in, so the agenda could be resumed.
Under the leadership of McHenry, the parliamentary finance committee will soon hold another hearing on the collapse of the systemically important crypto exchange FTX. The first hearing in the case was held in December.