US House Republicans plan to establish crypto-focused subcommittee: Report

Republicans in the United States House of Representatives reportedly plan to step up their oversight of the crypto industry with the creation of a new subcommittee.

According to a Jan. 12 report from Politco, North Carolina Representative Patrick McHenry, chair of the House Financial Services Committee, said he planned to set up the subcommittee in part due to “a big hole” in how the committee is currently structured. Arkansas Representative French Hill and Ohio Representative Warren Davidson will reportedly be the chair and vice chair of the subcommittee, respectively, focused on issues related to digital assets, financial technology, and financial inclusion.

“We’ve got to respond for oversight and policymaking on a new asset class,” McHenry reportedly said.

The reported legislative decision represented one of the first moves by House Republicans in the 118th Congress since the political party took majority control of the chamber on Jan. 3. Lawmakers were left unable to adopt rules, determine committee assignments, and pass legislation for four days in the new session as Republicans were unable to elect a House Speaker. It took 15 rounds of voting before California Representative Kevin McCarthy could officially hold the gavel.

Related: Congress may be ‘ungovernable,’ but US could see crypto legislation in 2023

Under McHenry, the House Financial Services Committee is expected to convene another hearing to explore the collapse of cryptocurrency exchange FTX. The committee first held a hearing into the matter in December, with McHenry saying at the time lawmakers would gather again to discuss FTX sometime in 2023.