In one of his first moves as chair of the House Financial Services Committee, Rep. Patrick McHenry (R., N.C.) created a subcommittee on digital assets, financial technology and inclusion. The panel was formed as lawmakers are scrutinizing the industry after trading platform FTX’s implosion last year. Mr. McHenry has said Congress should create a regulatory framework that allows crypto to grow while ensuring investors are protected.
Seven of the 10 Republicans and four of the eight Democrats named to the panel received direct campaign donations from crypto companies and entrepreneurs during the 2022 midterms, according to campaign-finance data from the Center for Responsive Politics analyzed by The Wall Street Journal. The subcommittee accounts for 4% of House membership but 17% of the crypto industry’s campaign donations to House members.
Source: House Subcommittee on Digital Assets Includes Crypto-Friendly Lawmakers