Congressional Task Force on Financial Technology Created to Regulate Cryptocurrencies
Scroll DownOn May 9, the Financial Services Committee of the U.S. House of Representative passed a resolution that will establish something that it calls the Task Force on Financial Technology.
According to the text of the resolution, the task force will review the current legal framework for fintech in the United States, and they will also look into how the technology is being used in lending as well as how ordinary consumers are engaging with it.
Rep. Stephen Lynch (D-MA), who is the individual that will chair the new task force, issued a press release in response to the task force's establishment. He said that easy-to-use financial apps are changing the lives of people across the country, but with these new technologies come potential vulnerabilities. He went on to say that, because of this, the government needs to review consumer protection standards.
The task force will include a number of representatives that have been known in the past to support the cryptocurrency industry. This includes Rep. Tom Emmer (R-MN) and Rep. Warren Davidson (R-OH).
Just last month, Rep. Davidson once again introduced the Token Taxonomy Act, along with Rep. Darren Soto (D-FL). The purpose of the bill is to provide the cryptocurrency industry with regulatory certainty and to prevent digital currencies from being placed under the province of U.S. security laws.
Last year, Rep. Emmer proposed 3 separate bills in support of both the cryptocurrency and blockchain industries. These bills included the Blockchain Regulatory Certainty Act, the Resolution Supporting Digital Currencies and Blockchain Technology and the Safe Harbor for Taxpayers with Forked Assets Act.
Last month, before a hearing of the Financial Services Committee, a group of CEOs from the top U.S. banks testified about both digital currencies and blockchain technology. It was during this testimony that Rep. Davidson brought up regulatory certainty issues as they pertain to the digital currency industry in the United States. He specifically said that U.S. regulatory uncertainty was causing U.S. companies to fall behind their counterparts across the world when it comes to fintech.
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