Could global regulators finally be deciding to work together – and are they stepping up their game to respond to the rapidly increasing pace of global fintech progress?
Some of America’s most powerful financial regulators – including the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) – have announced they will join the Global Financial Innovation Network (GFIN).
The GFIN is the brainchild of Britain’s regulatory Financial Conduct Authority, the body that polices cryptocurrency- and blockchain-related business in the country. The GFIN also comprises regulators such as the Monetary Authority of Singapore and the Hong Kong Monetary Authority, as well as business groups like the UAE’s Abu Dhabi Global Market.
Fellow American regulators the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) also announced they were joining the GFIN.