Oklahoma’s Frank Lucas could be key congressman in cryptocurrency regulation
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, 2022-12-14 22:45:00,
Most Oklahomans probably think of 3rd District Congressman Frank Lucas as an “ag guy.”
And he is. A farmer and rancher himself, Lucas is a former House Agriculture Committee chairman and was responsible for the 2014 farm bill.
But Lucas is also a “finance guy” and is in an unusual position to influence legislation arising from the FTX cryptocurrency collapse. When the 118th Congress gavels in on Jan. 3, Lucas expects to be a senior member of the majority on two committees with the potential for significant crypto responsibilities.
Lucas has been a member of what is now the House Financial Services Committee since shortly after he entered Congress in 1994 and is its longest-serving Republican. He also expects to return to the Agriculture Committee after a several-year hiatus.
Ag’s involvement in cryptocurrency might surprise some, but it oversees the Commodity Futures Trading Commission, or CFTC. The public most associates the CFTC with hog bellies and grain futures, but it also regulates complex financial instruments — which is what many consider cryptocurrency to be, Lucas said.
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