Rep. Lynch Named Lead Democrat on Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee

WASHINGTON, D.C. - Today, Rep. Stephen F. Lynch was named lead Democrat on the Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence by his Democratic colleagues on the House Financial Services Committee. This critical Subcommittee will influence and determine policy related to the regulation of digital assets, non-bank financial technology companies, and the use of machine learning and artificial intelligence in housing, banking, and other financial services.

"I am proud to again serve as Ranking Member of the Subcommittee on Digital Assets and am also eager to continue our oversight work as Democratic Co-Chair of the Bipartisan Working Group on Artificial Intelligence last Congress," said Rep. Lynch. "I look forward to working with Ranking Member Maxine Waters and Chairman French Hill of the Full Committee, Subcommittee Chairman Bryan Steil, and my colleagues on the Financial Services Committee to encourage innovation in the financial sector that expands economic access while protecting American consumers against financial risks stemming from the rapid development of cryptocurrencies, artificial intelligence, and other emerging technologies."

Throughout his tenure on the Financial Services Committee, Rep. Lynch has continually underscored the extreme volatility and security and financial risks to consumers and the U.S. financial system stemming from the virtually unregulated cryptocurrency sector. "While the new Trump Administration has already demonstrated its intent to implement crypto-friendly regulations, the recent failures of FTX, BlockFI, Celsius, and other crypto firms demand that we develop common sense legislation to ensure that American investors and consumers and the U.S. financial system are not exploited by fraudulent, speculative, and deceptive industry practices," said Rep. Lynch.

As lead Democrat on the Bipartisan Working Group on Artificial Intelligence in the 118^th Congress, Rep. Lynch has also encouraged the development of responsible artificial intelligence technologies in the financial service sector that maximizes consumer privacy and minimizes financial risk and discrimination. "While artificial intelligence carries the remarkable potential to improve efficiency and reduce institutional costs in the financial sector, the rapid development of A.I. technologies has also introduced risks to consumer protection, data privacy, and financial stability that must be addressed through bipartisan cooperation."

Last year, Rep. Lynch also hosted the bipartisan leadership of the Financial Services Committee in Boston to conduct a roundtable at the Massachusetts Institute of Technology with faculty and field experts in the application of A.I. across several industries.

In the 116^th and 117^th Congresses, Rep. Lynch served as Chairman of the Task Force on Financial Technology and held various hearings to examine the impact of financial technologies on underserved communities and opportunities for innovative technologies to improve financial access.