Republicans Creating New Committee to Monitor Crypto

Republicans currently serving on the House Financial Services Committee recently stated that they are going to be starting a new subcommittee devoted to crypto following the debacle that was 2022.

Republicans Are Looking to Fix Crypto

During that time, not only were prices of various assets (bitcoin in particular) reaching new lows, but there were bankruptcies, fraud cases, and other problems spreading like a disease. It appears republicans of Congress are now working to ensure this stops once and for all. The new subcommittee will be overseen by French Hill, a representative of the state of Arkansas, and the organization will be known as the Subcommittee on Digital Assets, Financial Technology, and Inclusion.

In a statement, Hill mentioned:

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 news is a huge shift from what we’re used to seeing. Over the past several months, we’ve seen many democrat leaders simply say they were going to start all these crypto organizations and look deeper into the space, though as usual, it takes republicans to get up and do it.

It makes sense, in a way. Given how much money democrats have taken from figures like Sam Bankman-Fried and how much they’ve profited off crypto racketeering and other crimes, they’re clearly more interested in looking like they’re trying to do the right thing rather than just getting up and committing themselves to investor safety. After a long time of just talking, the other party is finally taking what many might consider necessary action.

The state of the crypto industry and all that’s happened over the past 12 months sets up a lot of issues. In many ways, crypto has always been anti-regulation, and it was never designed to be overseen the way the traditional monetary markets are. At the same time, with the amount of fraud and other problems that occurred in 2022, one can’t help but wonder if some sort of regulation – at least on a limited basis – wouldn’t do the trick to prevent a year like that from ever coming to fruition again.

Is the U.S. Equipped for This Job?

This leads to the big question of, “Is the United States government fit to take this task on?” Over the past two years, under the present administration, everyday Americans have been privy to what can only be described as rampant government spending and corruption that have led to taxpayer funds going out the window.

Between inflation, the Afghanistan debacle, and the weakened state of the economy, one can’t help but feel that the U.S. is not equipped to handle such a big job as “fixing crypto.”

Tags: crypto-regulation, French Hill, republicans