Contextualizing Regulatory Sandboxes in Latin America

Nydia Remolina is the Legal Advisor for Innovation, Grupo Bancolombia Intense competition for technological innovation is informing not only business strategies for participants in financial markets, but also regulatory policy in forward-looking jurisdictions seeking to raise their profile as fintech hubs.  Importantly, this is not just a phenomenon impacting US and EU markets, but also … Read more

Open Banking, Cybersecurity, and the Cyclicality of Fintech Regulation

Sam Taussig is the Head of Global Policy, Kabbage, Inc. Two clear trends are transforming banking—and driving the next generation of regulatory policy.  First, the adoption of data-intensive technologies have ushered in a wave of conveniences and services that have revolutionized personal finance, especially for millennials. Consumers under 40 expect friction-less service, mobile-native services, from mortgage applications to … Read more

Securities Tokens: Regulatory Challenges Beyond Howey

Priya Aiyar is a partner at Willkie Farr & Gallagher LLP One of the most significant regulatory developments of 2018 in the blockchain and virtual currency space is the SEC’s stepped-up scrutiny of digital token sales through “initial coin offerings.”  Many of these ICOs involve what issuers and promoters regard as “utility tokens,” to be … Read more

Financial Inclusion through Strategic Digital Infrastructures: Four Pillars

Professors Douglas W. Arner, Ross P. Buckley and Dirk A. Zetzsche Commentators invariably observe that the World Bank’s 2018 Global Findex reveals that, as of 2017, 1.7 billion people lacked access to an account with a financial institution or mobile money provider, representing some 31 percent of the world’s total population of 7.6 billion. However, what is … Read more

What Should Be Disclosed in an Initial Coin Offering?

Jai Massari and Trevor Kiviat are attorneys with Davis Polk.  Chris Brummer is a Georgetown law professor Any time spates of fraud and abuse disproportionately involve any particular kind of financial product, advocates for the investing public naturally assume that more regulation is necessary—especially when it comes to disclosure—in order to restore market integrity.  Whether following … Read more

What’s a Cryptocurrency Exchange to do after the SEC’s EtherDelta Settlement (and More)?

Patrick McCarty is a former regulator and CEO of McCarty Financial LLC On November 8, 2018 the SEC fired what might be characterized as “the shot heard round the Cryptocurrency Exchange world” in publishing the EtherDelta Settlement.   This Settlement Order, which fined Zachary Coburn – the founder of EtherDelta, a small cryptocurrency trading platform … Read more

Regulating crowdfunding platforms: A Perspective from the EBRD

Jelena Madir is Chief Counsel, European Bank for Reconstruction and Development Crowdfunding is routinely hailed as part of the Fintech “revolution” – the disintermediation of finance by ever-greater use of technology, and as a way to, at last, provide enough financing for SMEs and early-stage businesses in the economy. Indeed, the European Commission itself has … Read more