Republican members of the U.S. House Financial Services Committee have sent a letter to federal banking regulators requesting the reversal of policies they claim have impeded financial innovation in digital assets. The letter, addressed to the Chairs or Acting Chairs of the Federal Reserve, FDIC Chairman and OCC, comes after both the OCC and FDIC have already rescinded interpretive letters. The FDIC’s withdrawal was days before the Congressional letter was sent.
The digital assets letter was one of several sent to regulators, including the SEC, asking them to rollback moves under the Biden administration.
The digital assets letter specifically calls on the Federal Reserve to rescind two supervisory letters. The first requires Board supervised banking organizations to notify the Federal Reserve prior to engaging in digital asset activities, while SR 23-8 established a supervisory non objection process for state member banks involved with tokens using distributed ledger technology. The Congressional members argue these requirements impose “unnecessary supervisory burdens” and have functioned as barriers rather than guardrails.
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