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The Republican Party, which gained a majority in the US Congress late last year, has begun forming new committees. One of them will be a subcommittee on regulation of cryptocurrencies.
As stated by a representative from North Carolinaand Financial Services Committee Chairman Patrick McHenry, the new subcommittee will "fill a big hole" in the committee's structure. The group will focus on issues related to digital assets, financial technology and financial inclusion.
The subcommittee will be chaired by Representative French Hill of Arkansas, and Representative Warren Davidson of Ohio will be vice-chaired.
“We need to be responsible for overseeing and drafting legislation for this new asset class,” McHenry said.
McHenry is also expected to organize moreone meeting of the Financial Services Committee regarding the collapse of the FTX cryptocurrency exchange. The first meeting on this issue took place in December last year.
Earlier this month, Ripple CEO Brad Garlinghouse expressed hope that US regulators would achieve regulatory clarity on cryptocurrencies in 2023.
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