According to Coindesk, on May 9, the US House Financial Services Committee voted to set up a working group dedicated to financial technology – the FinTech Task Force. The team will be led by Massachusetts Congressman Stephen Lynch, who will review the blockchain and cryptocurrency tools.
Currently, the responsibilities of the working group include not only financial infrastructure and data privacy, but also management of financial technology from both domestic and international perspectives, financing and “alternative data” use in loan underwriting, and reviewing the legal and regulatory framework for the payment industry.
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Blockchain supporters Warren Davidson, Tom Emmer and Josh Gottheimer are three new members of the group. Davidson has submitted two times to the Congress, the Token Taxonomy Act, which aims to protect cryptocurrencies from securities laws and to clarify the US's judgment on the legal status of digital assets.
Similarly, Emerson is pushing for a bill that wants cryptocurrency startups to be exempt from some state-level regulations, allowing for the development of blockchain platforms and services, as long as the company does not hold or trade cryptocurrencies, Registered currency transfer business in the state where the business is conducted.
Recently, Gottheimer has been an active member of the encryption field. Last month, through Davidson, he also participated in the team that supported the General Classification. He said in a statement:
As blockchains, new lending mediums and financial technologies continue to emerge, we need to build a framework. This is obvious. It not only provides a clearer path for innovation, but also establishes a leading position in the encryption industry and blockchain industry in the United States.
Recently, Lynch, Gottheimer, Emerson, Davidson and special working group member Bryan Steil asked in an open letter to urge the US Internal Revenue Service to clarify the way in which it evaluates the gains and losses of encrypted assets.
The group also includes House of Representatives David Scott, Al Lawson, Cindy Axne, Ben McAdams, Jennifer. Jennifer Wexton, French Hill, and Blaine Luetkemeyer.
Of course, cryptocurrencies have also been criticized in Congress. On May 9, California Rep. Brad Sherman called for a ban on all cryptocurrencies.