PANews reported on April 2nd that, according to Ledger Insights, several Republican members of the U.S. House Financial Services Committee wrote to the Federal Reserve, FDIC, and OCC, calling for the withdrawal of FDIC's FIL-16-2022, the Federal Reserve's SR 22-6 and SR 23-8 and other regulatory letters. They argued that these regulations increase the regulatory burden on banks using blockchain technology, hinder innovation, and restrict financial institutions' participation in the stablecoin ecosystem. The lawmakers believe that the current regulatory approach damages U.S. financial competitiveness and that a more technologically neutral and open regulatory approach should be adopted.