US government to report on blockchain regulations to the Senate

29 July 2016

Major officers of the US government were sent a request letter from 22 US senators seeking to obtain explanation on the position of Federal Reserve, FDIC, CFPB, OOC and NCUA in regards of the blockachain technologies and the fintech industry in general. Last week the letter was sent by the US Senate Committee on Banking, Housing and Urban Affairs in its attempt to get more expanded understanding of how the regulators in the nation monitor and control the financial technology sector.

In their request senators ask for explanation on the actions made by the aforementioned agencies to examine and evaluate an array of fintech players in the market offering p2p lending, alternative methods of payment, consumer lending, blockchain and digital currencies along with the distributed ledger.

US lawmakers expressed their wish to learn more about international cooperation in the regulatory plane with respect to the financial technologies with the request to elaborate on the protection policy provided for consumers.

The letter called out to realize that the fintech companies are reshaping the whole financial services industry and, thus, be ready to take appropriate actions.

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