Fintech Cops Urged To Play Nice, But Sandbox Is A Hard Sell
Richard Levin quoted in Law360.
By: Bonnie Eslinger
A recent Treasury Department report proposed a host of ideas for boosting development in America's financial technology sector and keeping it globally competitive, including a "sandbox" for experimenting with new products and services, but experts say a morass of regulatory agencies makes building such a playground difficult in the U.S.
The report suggests regulators take an accommodating approach that evolves with the new technologies. Other countries including Singapore, Australia and the U.K. have already established such testing grounds, which loosen some regulatory restrictions for fintech companies that are willing to allow government agencies to track the development of their inventions. The U.S., with its numerous agencies overseeing financial matters, is lagging behind, the Treasury says.
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