Arkansas Republican Rep. French Hill (left) speaks during a news conference on Capitol Hill in Washington, DC, July 24, 2018.
Zach Gibson | Bloomberg | Bloomberg | Getty Images
Republican lawmakers announced late Thursday the formation of a new subcommittee to oversee the cryptocurrency and fintech industries. tumultuous times for digital currency.
French Hill of Arkansas will chair the Subcommittee on Digital Assets, Financial Technology and Inclusion, which will be part of the House Financial Services Committee.
Mr. Hill, who has also been appointed vice-chairman of the broader committee, said: statement A bipartisan effort is needed to “allow FinTech innovation to thrive safely and effectively in the United States.”
The unregulated nature of the cryptocurrency industry emerged as a pressing concern after the collapse of crypto exchange FTX last November. FTX founder Sam Bankman-Fried was arrested last month on fraud charges and was released on $250 million bail pending trial.
Hill is an avid supporter of the cryptocurrency industry. In 2021, he co-sponsored the Central Bank Digital Currency (CBDC) Research Act, At the time Regarding the possibility of a CBDC, he said, “It is important that the Federal Reserve does not delay its important work.”
In 2019, well before FTX became a household name, Hill signed a letter urging the IRS to improve tax guidance for cryptocurrency users.
“Ambiguity hinders proper tax compliance,” the letter read.
Other Republican crypto advocates in Congress include Rep. Tom Emmer of Minnesota and Senator Cynthia Ramis of Wyoming.
Although Bankman-Fried operated outside the Bahamas, Bankman-Fried was a capable Washington agent who worked with influential figures such as Rep. Maxine Waters (D-California) and Commodity Futures Trading Commission Chairman Rostin Benham. built a relationship. In the 2022 mid-race, Bankman-Fried donated about $40 million mostly in publicly disclosed donations to Democrats.he and his associates donated to politicians both sides of the aisle.
Federal regulators found Bankman-Fried guilty of campaign financing 8 billion dollar scam.
FTX Collapse and Bankman-Fried Collapse subsequent prosecution Republicans like Emmer have provided ample material to criticize the work of regulators. Emer explains the actions taken by Securities and Exchange Commission Chairman Gary Gensler:Random and out of focus.”
Meanwhile, Senate Democrats have already prepare one’s efforts Oversees the crypto industry and directs enforcement actions.
Since FTX was forced into bankruptcy, the SEC has increased its level of activity.Committee Paid On the same Thursday that Hill announced the subcommittee, crypto lender Genesis and cryptocurrency exchange Gemini conducted a sale and offering of unregistered securities.