U.S. lawmakers send letters to the Federal Reserve, FDIC, and OCC, calling for the withdrawal of regulatory guidance restricting digital assets

ChainCatcher news, according to Ledger Insights, several Republican members of the U.S. House Financial Services Committee have written to the Federal Reserve, FDIC, and OCC, urging the withdrawal of the FDIC's FIL-16-2022, the Federal Reserve's SR 22-6, and SR 23-8 regulatory letters, stating that they have increased the regulatory burden on banks using blockchain technology, hindered innovation, and restricted financial institutions' participation in the stablecoin ecosystem.

The lawmakers believe that the current regulatory approach harms the competitiveness of the U.S. financial sector and that a more technology-neutral and open regulatory approach should be adopted.