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House Republicans on Thursday unveiled a new panel focused on cryptocurrencies after the collapse of prominent cryptocurrency exchange FTX late last year.
Rep. Patrick McHenry, RN.C., chairman of the House Financial Services Committee, announced on Thursday, among other subcommittee mandates, the new subcommittee on digital assets, financial technology, and inclusiveness. Commission announced.
The subcommittee, chaired by Rep. French Hill (R-Arc.), aims to provide clear rules to federal regulators in the “digital asset ecosystem,” according to a committee press release. increase. It also seeks to develop policies that promote financial technology in underserved communities and increase diversity and inclusiveness in the field.
The creation of the new panel came in the wake of the FTX collapse in November. The founder and CEO of the cryptocurrency exchange, Sam Bankman-Fried, said he was arrested in the Bahamas in December and is now facing numerous criminal charges related to the company’s meltdown, including wire fraud and securities fraud. I’m here.
Prosecutors have accused Bankman-Fried of misusing client funds to buy properties, invest in his hedge funds, and make political contributions. Bankman-Fried pleaded not guilty to the charges against him.
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