Haley Lennon, Partner at Brown Rudnick, discusses potential regulatory loopholes she highlights due to the collapse of FTX and lawmakers’ push for increased crypto regulations.
Republicans on the House Financial Services Committee announced Thursday that they are in the process of launching a new one Subcommittee on Cryptocurrency After a turbulent year for the industry.
Rep. French Hill, R.A.K., will serve as the inaugural chair of the Digital Assets, Fintech, and Inclusion Subcommittee.
“At the time of the specialty technological improvement and change in the financial sector, our mission is to work across the aisle and advance responsible innovation while encouraging fintech innovation to flourish safely and effectively in the United States,” Hill said in a statement.
An illustration shows the gold-plated commemorative cryptocurrency. (Justin Tallis/AFP via Getty Images/Getty Images)
The new committee’s responsibilities will include providing guidance to Federal regulators who oversee burgeoning industry and farming policies to reach disadvantaged communities, according to Hill.
FTX FOUNDER SAM BANKMAN-FRIED PLEAD PLEAD MILTY TO WIRE FRAUDS PARTNERS, OTHER FOUNDER OF SEC
Some lawmakers and regulators are calling for more oversight of the digital asset industry after a year that saw the collapse of FTX, once the world’s second-largest exchange.
Former FTX CEO Sam Bankman-Fried arrives to file a petition before US District Judge Louis Kaplan in Manhattan Federal Court, New York, January 3, 2023. (Ed Jones/AFP via Getty Images/Getty Images)
Sam Bankman FriedFTX founder and former CEO, was arrested last month and pleaded not guilty to fraud, money laundering and campaign finance violations.
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Cryptocurrencies also fell across the board last year. Bitcoin, the largest cryptocurrency by market cap, fell below $20,000 by the end of 2022 and lost more than 60% of its value.
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