Congress has hearing on Cryptocurrency. Is this the first of many in 2020?
The House Financial Services Committee held a task force hearing on Thursday January 30th, to discuss the rise of Fintech and its impact on cash.
Check out the video here discussing the task force and of the hearing so you can hear it from the members of Congress themselves
The committee’s Task Force on Financial Technology, was led by Stephen Lynch (D) from Massachusetts & newly established ranking member Tom Emmer (R) of Minnesota. The task force’s discussion focused on how consumers are making payments in the 21st century and how the digital economy can engage underbanked customers.
Rep. Emmer, who has called upon his fellow lawmakers in the past to take more of a pro-crypto stance to improve financial services, began by highlighting the importance of exploring a digital US dollar.
“I’d also like to acknowledge the former ranking member French Hill for his efforts in this space. Rep. Hill wrote a letter to the Federal Reserve supporting further research into the concept of a digital dollar. This concept could both speed up transactions and provide convenience for consumers. But it can also extend access to those previously excluded and help bring more people into our increasingly digital world.”
Leaders from PayPal, the New Economy Project, the Brookings Institute, Consumer Reports and the U.S. Faster Payments Council were called to give testimony, commenting on cryptocurrencies — including Bitcoin, Etherum, EOS, XRP, Monero and Zcash — as well as customer authentication and digital payments, among other topics.
Usman Ahmed, head of global public policy at PayPal, says that the banking system is due for a revamp.
“I would just note that for the core banking architecture, I think there would probably be some changes needed in terms of the Federal Reserve System. But for smaller valuation or smaller amount payments, I think you already are seeing some blockchain-based systems that enable the movement of money. I think there are examples out there. We talked about XRP or others that kind of offer this.”
Check out the hearing for yourself.
What will Congress do next? Check out a video playlist of crypto regulation related videos.
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Published at Fri, 31 Jan 2020 22:20:06 +0000
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