House Republicans unveil crypto panel after industry meltdown

Associated Press/Kin Cheung
FILE – An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on Feb. 17, 2022. Bitcoin slumped to a two-year low, Wednesday, Nov. 9, and other digital assets sold off following the sudden collapse of crypto exchange FTX Trading, which has been forced to sell itself to larger rival Binance. (AP Photo/Kin Cheung, File)

House Republicans on Thursday unveiled a new panel focused on cryptocurrency, following the collapse of the prominent crypto exchange FTX late last year. 

Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee, announced the new Subcommittee on Digital Assets, Financial Technology and Inclusion on Thursday, alongside other subcommittee assignments.

The subcommittee, which will be chaired by Rep. French Hill (R-Ark.), aims to provide clear rules for federal regulators in the “digital asset ecosystem,” according to a committee press release. It also seeks to develop policies that promote financial technology in underserved communities and increase diversity and inclusion in the field.

The creation of the new panel comes in the wake of FTX’s collapse in November. The crypto exchange’s founder and CEO, Sam Bankman-Fried, was arrested in the Bahamas in December and is now facing a slew of criminal charges over the company’s meltdown, including wire and securities fraud.

Prosecutors have accused Bankman-Fried of misusing customer funds to buy real estate, invest in his hedge fund and make political contributions. Bankman-Fried pleaded not guilty to the charges levied against him.

Tags cryptocurrency cryptocurrency exchange French Hill FTX FTX collapse House Financial Services Committee Patrick McHenry Patrick McHenry Sam Bankman-Fried

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