US Fintech Task Force Set Up To Examine Industry

A new resolution to form a US fintech task force has been decided on by the United States House of Representatives Financial Services Committee, according to an official press release shared by the committee which went viral in the latest cryptocurrency news.

Published yesterday, the release shows that the new task force purports to “examine the current legal framework for fintech, how the technology is actually used in lending and how consumers engage with fintech.”

According to the Congressman Stephen Lynch who is the newly appointed chair of the US fintech task force known as the “Task Force on Financial Technology” – there is a big need for the committee to reevaluate how to best protect consumers using the new technologies. As he said:

“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.”

The evaluation of the US fintech task force and its formation also held a “markup of five bills and two resolutions to promote responsible innovation through financial technology, crack down on money laundering and illicit finance, protect small businesses and investors, and uphold consumer protections.”

Re-shared by many best cryptocurrency news sites, this US fintech task force will welcome names of some big and crypto-friendly representatives including Warren Davidson (R) and Tom Emmer (R) to join the newly founded organization.

In April this year, Davidson was the one to reintroduce the Token Taxonomy Act with his fellow representative Darren Soto – with a main goal of providing regulatory certainty and discluding cryptocurrencies from the securities laws. On the other hand, Emmer’s connection with this US fintech task force comes after proposing three pro-blockchain and crypto bills in 2018: the Resolution Supporting Digital Currencies and Blockchain Technology, the Blockchain Regulatory Certainty Act, and the Safe Harbor for Taxpayers with Forked Assets Act.

As we previously reported in our altcoin news section, a lot of CEOs at leading banks are thinking about blockchain technologies and cryptocurrencies, considering the regulatory certainty issues surrounding them and the fintech technology in general.