The House of Representatives Financial Services Committee has passed a resolution to form the Task Force on Financial Technology, according to a by the committee on May 9.
The new task force purports to “examine the current legal framework for , how is used in lending and how consumers engage with .”
Congressman Stephen Lynch (D), the newly appointed chair of the Task Force on Financial Technology, commented in a on the need for the committee to reevaluate how to best protect consumers using new :
“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.”
Some noted crypto-friendly representatives such as Warren Davidson (R) and Tom Emmer (R) will be the newly-founded task force.
In April, Davidson the Taxonomy Act with fellow representative Darren Soto (D), with the intent of providing regulatory certainty and discluding from securities laws.
Emmer three pro- and crypto bills in 2018: the Resolution Supporting Digital Currencies and Technology, the Regulatory Certainty Act, and the Safe Harbor for Taxpayers with Forked Assets Act.
As previously by Cointelegraph, a number of CEOs at leading banks testified before the U.S. House Financial Services Committee in April about technologies and . During this testimony, Davidson called attention to the regulatory certainty issues surrounding in the U.S., saying that it was causing the country to fall behind the curve in .
Published at Thu, 09 May 2019 23:18:52 +0000