US lawmakers write to three major financial regulators, requesting the withdrawal of regulatory letters restricting digital assets

According to Ledger Insights, several Republican members of the U.S. House Financial Services Committee have written to the Federal Reserve, FDIC and OCC, calling for the revocation of regulatory letters such as FDIC's FIL-16-2022, Federal Reserve's SR 22-6 and SR 23-8. They claim these regulations have increased the supervisory burden on banks using blockchain technology, hindering innovation and limiting financial institutions' participation in stablecoin ecosystems. The lawmakers believe that current regulatory methods are damaging to U.S. financial competitiveness and should adopt a more technologically neutral and open approach to regulation.