U.S. Lawmakers Urge Regulatory Revisions to Support Blockchain Innovation

According to PANews, several Republican members of the U.S. House Financial Services Committee have addressed a letter to the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC). The lawmakers are urging the withdrawal of regulatory letters such as the FDIC's FIL-16-2022 and the Federal Reserve's SR 22-6 and SR 23-8. They argue that these regulations increase the regulatory burden on banks utilizing blockchain technology, hinder innovation, and limit financial institutions' participation in the stablecoin ecosystem. The legislators express concern that the current regulatory approach is detrimental to the competitiveness of the U.S. financial sector. They advocate for adopting a more technologically neutral and open regulatory framework to foster innovation and maintain the country's financial leadership.