Congress hearing this week discussed the world of crypto payments and fintech

Quick take

 1.5 minute read

• Earlier this week, the congressional fintech task force discussed arguments and regards to new rules that would expand regulations to accommodate more companies to provide financial services. 

• The task force chairman highlighted that “banking is becoming less centralised… (as) consumers are facing more choices than they have ever had.“

Earlier this week, the congressional fintech task force discussed arguments and regards to new rules that would potentially expand banking regulations to accommodate more technology companies that would provide financial services in the US. 

The task force chairman Stephen Lynch has highlighted that “banking is becoming less centralised… (as) consumers are facing more choices than they have ever had.“

A lot of the conversation in the hearing revolves around whether to loosen the rules of banking or not. As a result of this, it would allow more companies to provide loans which would probably extend the financial access. Lynch went on to highlight that “One of the great promises of fintech was the idea that it might help us to bank the unbanked. The evidence is really mixed.”

The conversation further went on to discuss the hearing of proposed changes to payment charters from the office of the comptroller of the currency. It seems that the OCC has been thoroughly extending financial technology and engagement in cryptocurrency when it comes to traditional finance. The chief executive officer of Lendistry, Everett K. Sands noted the role of crypto in the ever-changing world of payments, saying:

“We also believe lending and payments each require a significant adjustment in regulation, and we would suggest the OCC focus on payments first as new technology entrants like Bitcoin, blockchain and cryptocurrency gain traction.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.