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Waters Highlights Congressional Progress at DC Fintech Week Featured

Rep. Maxine Waters, chairwoman of the House Committee on Financial Services, discussed where she believes Congress has reached consensus with respect to fintech regulation, among other important considerations impacting the space, while speaking at DC Fintech Week.

Waters was one of many contributors to the two-day conference along with other notable public and private sector guests like Michael Barr, the vice chair for supervision of the Board of Governors in the Federal Reserve System, Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission and Sam Bankman-Fried, the founder and CEO of FTX.

Waters spoke with Chris Brummer, a professor at the Georgetown University Law Center and founder of DC Fintech Week, regarding the future of finance and its related technologies. Among the topics touched upon during the conversation were stablecoin regulation and legislation and financial inclusion.

“Through the work on stablecoins legislation, the digital wallets that hold them, and central bank digital currencies, it is important to consider, how these products will be used by everyday consumers and investors, especially those who are often excluded from the traditional financial system, including people of color,” according to Waters’ office.

From Twitter 

Trade Finance Global @tradefinglobal

"Hong Kong FinTech Week is back this year! We are proud to be involved in supporting one of the region’s most awaited FinTech events. Book your ticket today: https://bit.ly/3zDuCyc @FINNOVASIA"

Waters said the financial services committee has generally found agreement in three areas related to digital assets: the need for congressional action with respect to regulation, the need for “robust” investor and consumer protection and the need to stay “laser-focused on financial inclusion.”

To help accomplish these goals, in 2019 Waters announced two congressional task forces related to emerging fintech topics: The Task Forces on Financial Technology and Artificial Intelligence. Additionally, the broader financial services committee recently hosted a hearing entitled, “Digital Assets and the Future of Finance: Examining the Benefits and Risks of a U.S. Central Bank Digital Currency.” At that event, Lael Brainard, vice chairman of the Federal Reserve, testified regarding the development of a state-backed central bank digital currency.

“If the use of digital assets is going to grow, we must evaluate how to best protect ourselves with robust cybersecurity, strong privacy protections, and safeguards to catch bad actors who may use these products to evade sanctions, make illicit transactions, and harm consumers and investors,” Waters’ office added. 

From Twitter

Brad Garlinghouse @bgarlinghouse ·Oct 11

"Huge thanks to @ChrisBrummerDr for bringing together the public & private sectors every year at the always awesome #DCFintechWeek, and to @allyversprille for moderating a great fireside chat on the need for regulatory clarity + Ripple’s growing global presence!"

This year’s DC Fintech Week was held from Tuesday, Oct. 11 to Wednesday, Oct. 12, at the Georgetown University Law Center. The event, which kicked off for the first time in 2017, aims to spread information covering topics ranging from cryptocurrency to online lending, crowdfunding, AI, cybersecurity, open banking and other important topics, according to promotional materials from organizers.

“Ever since kicking off … DC Fintech Week has had a simple objective: democratize information and allow everyone–from nonprofits and technologists to entrepreneurs and regulators–to engage one another, for free, in a meaningful dialogue about fintech and the future of finance.”

 

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To see Waters’ full remarks, visit here

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