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  • L Misthos and M Bacina

US Congress creates crypto subcommittee for regulation

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The United States Congress has announced the launch of its newest subcommittee, one which will oversee and focus on the crypto and fintech industries. The Subcommittee on Digital Assets, Financial Technology, and Inclusion will be a part of the powerful House Financial Services Committee.

The US representative for Arkansas, French Hill, will chair the committee following his work on the Task Forces on Financial Technology and Artificial Intelligence and the Financial Services Committee. In a statement Mr. Hill acknowledged the change happening in the financial technology sector, and hinted at future regulation:

At a time of major technological advancement and change in the financial sector, it is our job to work across the aisle and promote responsible innovation while encouraging FinTech innovation to flourish safely and effectively in the United States.

2022 was a tumultuous year for the crypto industry littered with cratering prices, ASIC stop orders, liquidation and capped off with the arrest of FTX CEO and founder Sam Bankman-Fried.

While the bad seemingly outweighs the good, 2022 also saw increased calls to action for regulation and legislation to be implemented to protect the industry and encourage participation.

Now, as we navigate the start of 2023, this subcommittee may help give the US the kind of crypto-knowledge and sensible regulation which has to date been lacking. Representative Hill has a reputation of being crypto-friendly, and at a minimum he is clearly knowledgeable about the challenges and opportunities posted by blockchain and crypto, which can only be a plus for the industry.


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