U.S. Lawmakers Call for Streamlining Blockchain Regulations

A letter penned by several Republican members of the U.S. House Financial Services Committee urges the Federal Reserve, the FDIC, and the OCC to revise their regulatory approaches towards blockchain technology. These lawmakers request the withdrawal of letters like the FDIC’s FIL-16-2022 and the Federal Reserve’s SR 22-6 and SR 23-8, arguing these regulations disproportionately burden banks engaging in blockchain applications while hindering innovation within the financial sector. They emphasize that this approach diminishes U.S. competitiveness and impedes the nation’s continued leadership in finance.