According to a press release shared yesterday by the Financial Services Committee of the U.S. House of Representatives, the committee has just approved the establishment of the Task Force on Financial Technology, which is focused on the fintech sector.
The aim of this group is "to analyze the current legal framework of the industry, to study the use of fintech technology in lending as well as the relationship of this technology with consumers."
FinTech Task Force chairman, congressman Stephen Lynch (D), has said this new task force must study the best way to use fintech and blockchain technology to protect consumers. He said:
"The lives of consumers are changing with user-friendly financial service apps but these emerging technologies come with vulnerabilities and the need to reevaluate our consumer protection standards."
Some renowned representatives such as Warren Davidson (R) and Tom Emmer (R) will join the FinTech Task Force.
Why it is important
- The task force has been established by a group of congress representatives who are interested in fintech and blockchain technology. Several prominent members of the congress have joined the initiative.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.