According to Ledger Insights, several Republican members of the U.S. House Financial Services Committee have sent letters to the Federal Reserve, FDIC, and OCC calling for the revocation of regulatory letters such as FDIC's FIL-16-2022, and the Federal Reserve's SR 22-6 and SR 23-8, stating that they have increased the regulatory burden on banks using blockchain technology, hindered innovation, and restricted financial institutions' participation in the stablecoin ecosystem. Legislators believe that the current regulatory approach is detrimental to the financial competitiveness of the United States and that a more technology neutral and open regulatory approach should be adopted.
