PANews reported on April 2 that according to Ledger Insights, several Republican members of the U.S. House of Representatives Financial Services Committee wrote to the Federal Reserve, FDIC and OCC, calling for the revocation of the FDIC's FIL-16-2022, the Federal Reserve's SR 22-6 and SR 23-8 and other regulatory letters, saying that they increased the regulatory burden on banks using blockchain technology, hindered innovation and restricted financial institutions from participating in the stablecoin ecosystem. Members believe that the current regulatory approach is damaging to the competitiveness of U.S. finance and that a more technologically neutral and open regulatory approach should be adopted.