The United States House Committee on Financial Services has recently passed a resolution to structure a task force that will examine the Financial Technology industry’s legal framework. As per the reports, the new task force will scrutinize the current legal framework for fintech, how fintech is used in lending and how consumers engage with fintech. Commented on the need for the task force to re-examine how to best secure consumers using new fintech, Congressman Stephen Lynch (D), the newly appointed chair of the Task Force on FinTech said 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.”
Along with Stephen Lynch, some eminent crypto-friendly representatives, including Warren Davidson (R) and Tom Emmer (R) will also be joining the newly-founded fintech task force. Warren Davidson, in April this year, had reintroduced the Token Taxonomy Act with fellow representative Darren Soto (D), which aimed at providing regulatory certainty and discluding cryptocurrencies from securities laws. Last year, Tom Emmer had proposed three pro-blockchain and crypto bills, including 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 a report, before the U.S. House Financial Services Committee, several CEOs at lending banks testified regarding Blockchain technologies and cryptocurrencies in April this year. Throughout this testimony, Davidson called attention to the regulatory certainty issues surrounding cryptocurrencies in the U.S., with saying that it was causing the country to fall behind the curve in fintech.