The United States House of Representatives Financial Services Committee published a press release to announce the launch of a new task force focusing on financial technology.
Called as the Fintech Task Force, the group will analyze fintech current legal framework, its usage in lending and consumers’ engagement with the industry.
Congressman Stephen Lynch was appointed to be the chairman of this task force. He emphasized the arising need to re-examine best measures to protect fintech consumers in a press release:
“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 new task force will also have participation from major crypto advocates such as Warren Davidson and Tom Emmer. Reintroducing the Token Taxonomy Act in April, the former and his fellow representative Darren Soto sought for regulatory certainty and to exclude cryptocurrencies from being defined as securities.
Meanwhile, in 2018, the latter introduced three bills to support blockchain and crypto: the Resolution Supporting Digital Currencies and Blockchain Technology, the Blockchain Regulatory Certainty Act, and the Safe Harbor for Taxpayers with Forked Assets Act.
Previously in April, major banks CEOs had a testimony before the U.S. House Financial Services Committee in April on the banking industry transformation since the 2008 financial crisis. At that time, Davidson drew awareness to how regulatory certainty problems in US crypto industry failed to keep the country ahead of the curve in fintech, reported by The Crypto Sight.