The FinTech Task Force is a new group being formed by the United States House of Representatives. It will focus, of course, on new financial technologies including but not limited to blockchain.
Pushing into new ground
Stephen Lynch, the Massachusets representative, will lead the force, reports CoinDesk. At the start, it will focus on regulation across the board, including both local and internationally. Moreover, it will work on blockchain infrastructure, privacy, payments solutions, and more.
Three House members who have previously advocated for blockchain will take part. This includes Warren Davidson, Josh Gottheimer, and Tom Emmer.
Davidson has been focusing on the Token Taxonomy Act. He’s brought it to Congress twice, which if passed, would prevent cryptocurrencies and related digital assets from being viewed as securities. This would make it easier for users to trade assets as they wouldn’t have to jump through as many hoops.
Gottheimer is pairing up with Davidson in backing the Token Taxonomy Act. The two recently brought the Act back to Congress as recently as last month.’
Emmer is in a similar state. He has long been discussing a bill that would keep crypto startups from having to register at some state-level regulations. This means they can work on their projects without having to abide by and obtain certain licenses, meaning they can start work even earlier. That is, assuming these groups don’t purchase cryptocurrency or participate in day trading.
Gottheimer made a comment on the task force:
“As blockchain, new lending options, and other financial technologies continue to emerge, it is clear that there must be a framework in place that not only provides a much clearer path forward for innovation, but also establishes the United States as a leading force in this space.”
On top of this, these members on top of a few others have signed an open letter pushing the Internal Revenue Service (IRS) to clear up tax laws relating to cryptocurrencies.