Crypto Industry Faces Stricter Scrutiny Under the New Congress

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After Democrats take control of the House and Senate, they may step up congressional scrutiny of the digital asset industry and gain the power to subpoena crypto companies. The House Oversight Committee will be led by Robert Garcia starting next year, and he said it would focus on investigating the Trump family and its cryptocurrency profits. Ignoring subpoenas could result in civil or criminal penalties. Binance, Tether and other companies previously failed to respond to inquiries from Democratic senators, while crypto firms holding licenses issued by agencies appointed by Trump should also expect scrutiny.