Republican Rep. French Hill will chair a new digital assets subcommittee, as lawmakers continue a push to regulate the crypto space after the collapse of FTX.
Republican lawmakers announced late Thursday the Subcommittee on Digital Assets, Financial Technology, and Inclusion underneath the House Financial Services Committee.Crypto regulation and industry oversight have become pressing issues in the wake of FTX's multibillion-dollar collapse in November.Representative French Hill, a Republican from Arkansas, left, speaks during a news conference on Capitol Hill in Washington, D.C., July 24, 2018.
The unregulated nature of the crypto industry emerged as a pressing concern late last year after the collapse in November of crypto exchange FTX. Sam Bankman-Fried, FTX's founder, was arrested last month on fraud charges and was released on a $250 million bond while he awaits trial. Hill has been an enthusiastic supporter of the crypto industry. In 2021, he co-sponsored the Central Bank Digital Currency Study Act and saidthat it's "important for the Federal Reserve to not delay its important work" on a potential CBDC.
In 2019, well before FTX became a household name, Hill signed a letter, urging the IRS to refine its tax guidance for cryptocurrency users.Other Republican crypto advocates in Congress have included Rep. Tom Emmer of Minnesota and Sen. Cynthia Lummis of Wyoming. Though Bankman-Fried was operating out of the Bahamas, he was a skilled Washington operative, forging relationships with heavyweights like Rep. Maxine Waters, and Rostin Benham, chairman of the Commodity Futures Trading Commission. In the 2022 midterm races, Bankman-Fried
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