U.S. Senators Brown, Merkley Ask Federal Agencies to Clarify Fintech Oversight and Use of Blockchain

Last Thursday, July 21st, Senators Sherrod Brown (D-OH) and Jeff Merkley (D-OR) submitted a letter to the heads of the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Consumer Financial Protection Bureau. The letter calls upon the leaders of these US banking and consumer protection agencies to outline the steps that they are taking to ensure effective oversight and application of the emerging blockchain financial technology. The letter specifically asks the agencies to describe what they have “done to study and understand…blockchain and distributed ledgers…”

The Senators also noted in their letter, "As Congress considers its role in overseeing fintech and its impact on American consumers, we believe it is important that Congress better understand the way federal regulators oversee fintech and their relationships with federally regulated financial institutions.”

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