The US Republican Party has formed a special congressional group which will look into digital assets during the legislative session.
A new in-house body, the subcommittee on digital assets, financial technology, and inclusion, was announced last week by congressman Patrick McHenry.
The subcommittee will be headed by fellow lawmaker congressman French Hill.
The new panel will help create “rules of the road” that could usher in federal regulation on digital currencies and other assets. Another objective is to promote policies that can reach underserved communities.
In a statement, Hill spoke of the importance of the new panel and its specific focus on digital assets, rather than attempting to push changes and regulatory decisions as part of broader economic measures.
“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”, the statement read.
This panel is not the only attempt by a major political party or group of lawmakers to see changes enacted to the way cryptocurrencies exist and operate in the US.
Regulators have been particularly keen to crackdown on big crypto companies, with states acting against big players, such as Nexo, and the Prosecutor’s Officer reportedly looking into Binance.
The collapse of FTX, one of the world’s biggest exchanges, has made many agencies uneasy about whether they have been too lax on crypto.
It has galvanized action on a legislative level, which should lead to more attempts to define cryptocurrencies and digital assets in a legal context.
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