By A new task force has been announced by the U.S. House of Representatives aimed at financial technologies, which includes blockchain tech.
This new body which has been dubbed the FinTech Task Force was created by the House Financial Services Committee following a voice vote on Thursday. The task force will explore blockchain and crypto tools amongst others. Stephen Lynch, a Massachusetts representative will be leading the task force.
The task force’s initial list of issues includes the regulation of fintech businesses from both domestic and international sectors, the lending and utilisation of “alternative data” for use in loan underwriting, the examination of legal and regulatory frameworks for payments as well as data privacy.
Three of the FinTech Task Force’s newest members include the following blockchain proponents: Warren Davidson, Tom Emmer and Josh Gottheimer. Davidson has in the past on two occasions Token Taxonomy Act to Congress, a bill aimed about making cryptocurrencies exempt from the securities laws currently in play as well as providing digital assets with clearer legal standings in the states.
Similarly, Emmer has also been punting a bill which would exempt crypto startups from regulations on a state-level which would allow them to create blockchain platforms and services without the requirement of registering as money transmission businesses in within the state where they operate in. This is of course only applicable if they do not hold or trade in any digital assets.
The last of the three new members, Gottheimer has also recently been an active member of the crypto community and has co-sponsored the Token Taxonomy Act after Davidson reintroduced it back in April.
Gottheimer stated:
“As blockchain, new lending options, and other financial technologies continue to emerge, it is clear that there must be a framework in place that not only provides a much clearer path forward for innovation, but also establishes the United States as a leading force in this space.”
Lynch, Gottheimer, Emmer, Davidson and task force member Bryan Steil all recently added their names to an open letter encouraging the Internal Revenue Service (IRS) to provide clarification on how the tax collector assesses gains and losses on crypto holdings.
Other notable members on the task force include Reps. David Scott, Al Lawson, Cindy Axne, Ben McAdams, Jennifer Wexton, French Hill and Blaine Luetkemeyer.
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