WASHINGTON – U.S. Sens. Cynthia Lummis (R-WY) and Kyrsten Sinema (D-AZ) have announced the launch of the U.S. Senate Financial Innovation Caucus today. They are being joined by Sens. John Hickenlooper (D-CO), Tim Scott (R-SC), Marsha Blackburn (R-TN), Mike Braun (R-IN) and Bill Cassidy (R-LA).
In a statement, Lummis and Sinema said they had launched the caucus to highlight responsible innovation in the United States financial system, and how “financial technologies can make markets more inclusive, safe and prosperous for all Americans.”
“The United States is the world leader in the global financial system, but that position is a privilege, not a right,” 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.”
2 ‘Important Jobs’
Added Sinema, “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.”
Organizers said the caucus will serve as a space in the Senate to discuss domestic and global financial technology issues, and to launch legislation to empower innovators, protect consumers and guide regulators, while driving U.S. financial leadership on the international stage.
Additional Focus
In addition, organizers said caucus will focus on a number of issues critical to the future of banking and 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
- Combating money laundering
- Faster payments
- Central bank digital currencies
- Promoting financial inclusion and opportunity for all
As CUToday.info has reported, Wyoming has been among the pioneers in creating a regulatory framework for digital assets, such as Bitcoin and the creation of a new kind of bank charter specifically designed for the housing of digital assets.