House Financial Services chair Patrick McHenry (R-NC) announced the new subcommittee on Thursday. Tom Williams/CQ-Roll Call, Inc via Getty Images

Republican lawmakers announced a new panel on Thursday that will oversee the cryptocurrency industry, as reported earlier by Politico and CNBC. Led by Representative French Hill (R-AR), the Subcommittee on Digital Assets, Financial Technology and Inclusion aims to provide “clear rules of the road” for federal regulators.

Some other duties include promoting financial technology to underserved communities, as well as strengthening “diversity and inclusion” in the crypto industry, which has been subject to increased scrutiny following the stunning implosion of FTX. Representative Patrick McHenry (R-NC), the chairman of the House Financial Services Committee, tells Politico that he created the panel to address a “big hole” in how the…

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