According to ChainCatcher, citing Ledger Insights, several Republican members of the U.S. House Financial Services Committee have written 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 regulatory letters, arguing that they 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.