Washington, D.C. - Today, U.S. Representative Stephen F. Lynch was named lead Democrat of the Subcommittee on Digital Assets, Financial Technology and Inclusion.  The Subcommittee has been authorized to conduct oversight of cryptocurrencies, stablecoins, and other digital assets, examine the accessibility of financial technology, and review the progress of diversity and inclusion initiatives in the financial technology sector. 

“As Chairman of the Task Force on Financial Technology for the past four years, I am proud to serve as lead Democrat of the Subcommittee on Digital Assets, Financial Technology and Inclusion,” said Rep. Lynch.  “I look forward to working with Full Committee Chairwoman Maxine Waters, Chairman French Hill, and my Subcommittee colleagues on a bipartisan basis to better ensure that continued developments in digital currencies, online payments, mobile investment applications, and other emerging financial technologies are guided by a regulatory framework that maximizes consumer protection while continuing to spur innovation.

“In the wake of the collapse of FTX, the stability of our financial system and financial health of American investors clearly demand that we work together with the Biden Administration as it continues to undertake its ‘whole-of-government approach’ to reviewing the potential benefits and addressing the consumer risks associated with digital assets.” 

Congressman Lynch recently underscored the importance of crypto industry compliance with existing Securities & Exchange Commission regulations in a recent opinion piece joined by Rep. Jesús “Chuy” García (D-IL).    

“The Subcommittee will also serve a critical role in addressing the serious financial accessibility gaps facing our underserved communities and promoting greater diversity and inclusion in the fintech space – where women entrepreneurs and entrepreneurs of color receive still receive less than 2% of all venture capital funding," Rep. Lynch concluded.

As Chairman of the Task Force on Financial Technology in the 117th Congress, Congressman Lynch held various hearings to examine the impact of financial technologies on underserved communities, assessing the accessibility of online banking services to underbanked populations, and reviewing industry progress in improving leadership and investment diversity.