The United States House Committee on Financial Services has passed a resolution to create a Financial Technology Task Force structured to analyze the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech. In a press release, the newly appointed chair of the Task Force on Financial Technology, Congressman Stephen Lynch stated that “The lives of consumers are changing with user-friendly financial service apps but these emerging technologies come with vulnerabilities and the need to reevaluate our consumer protection standards.”
For the task force, some noted crypto-friendly representatives including Warren Davidson (R) and Tom Emmer (R) will join the newly-founded FinTech task force. Davidson, in April, reintroduced the Token Taxonomy Act with fellow representative Darren Soto (D), to provide regulatory certainty and discluding cryptocurrencies from securities laws. On the other side, Emmer proposed three pro-blockchain and crypto bills last year, namely the Resolution Supporting Digital Currencies and Blockchain Technology, the Blockchain Regulatory Certainty Act, and the Safe Harbor for Taxpayers with Forked Assets Act.
According to the report, several leading banks CEOs testified before the U.S. House Financial Services Committee in April about blockchain technologies and cryptocurrencies. In this regard, Davidson called attention to the regulatory certainty issues surrounding cryptocurrencies in the U.S., by saying that it was causing the country to fall behind the curve in fintech.