WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.), along with Senators Cynthia Lummis (R-Wyo.) and Kyrsten Sinema (D- Ariz.), John Hickenlooper (D-Colo.), Tim Scott (R-S.C.), and Mike Braun (R- Ind.) launched the U.S. Senate Financial Innovation Caucus to highlight responsible innovation in the United States financial system, and how financial technologies can make financial markets more inclusive, safe, and prosperous for all Americans.
“Our kids and grandkids deserve the opportunity to one day thrive in a secure and innovative marketplace,” said Senator Blackburn. “The creation of the U.S. Senate Financial Innovation Caucus will establish a framework to bolster our financial system as a global competitor.”
“The United States is the world leader in the global financial system, but that position is a privilege, not a right,” Senator Lummis said. “It is also a huge, often underappreciated benefit to every American. We need to work together to bring our financial system into the 21st century in order to maintain our leadership and ensure that future Americans can enjoy the same opportunity and prosperity that we experience today.”
“Two of my most important jobs are keeping America safe and secure and supporting Arizona job-creation. Boosting innovation in our financial system ensures the United States remains a global economic leader while expanding job opportunities in Arizona and across the country,” said Senator Sinema.
The Caucus will serve as a nexus within the U.S. Senate to discuss domestic and global issues related to financial technology, ultimately providing a natural launch-point for legislation to empower innovators, protect consumers, and guide regulators, while driving U.S. financial leadership on the international stage.
The Caucus will focus on a number of issues critical to the future of banking and ensuring U.S. competitiveness on the global stage, including:
• Responsible financial innovation
• Distributed ledger technology (blockchain)
• Digital assets
• Artificial intelligence and machine learning
• Data management
• Consumer protection
• Combatting money laundering
• Faster payments
• Central bank digital currencies
• Promoting financial inclusion and opportunity for all
The Caucus is timely for a number of reasons, including growing regulatory focus on digital assets from U.S. federal agencies like the Federal Reserve Board of Governors and the Securities and Exchange Commission, as well as efforts already underway by foreign governments to create digital currencies. China, in particular, has already launched a digital yuan in certain cities, with the hope that ultimately it will increase China’s influence in international finance.