Policy Resource Center

Fintechpolicy.org Resource Center

Written Features from the Experts

Regulating Proxy Discrimination in Insurtech

Hold on tight–AI will create fundamental challenges to Insurance Law, as well as the norms that guide it  Anya Prince is an associate professor at the University of Iowa, and Daniel Schwarcz is the Fredrikson & Byron Professor of Law at the University of Minnesota. Like many other domains of finance, insurance is being fundamentally transformed … Read more


Not Just a Sandbox: the CFPB’s Proposed Innovation Agenda

The CFPB’s Innovation Agenda is Much More than Meets the Eye  Eric Goldberg is a Partner at Akerman LLP and former Managing Counsel for Regulations at the CFPB. *This story was originally published for Fintech Policy in January 2019 On December 13th, the CFPB took a substantial step towards improving the regulatory climate for fintech innovation … Read more


Valuing Cryptocurrencies As . . . Currencies?

Daniel Gorfine is the CFTC’s Chief Innovation Officer and Director of LabCFTC  This essay solely reflects the views of the author and does not reflect the opinions or views of the Chairman, Commissioners, or the CFTC. Invariably, people who follow cryptocurrency debates have heard the following – quite sensible sounding – statement more than a few … Read more


Blockchain Poisoning and the Proliferation of State Privacy Rights

Blockchains may present irreversible (legal) problems where data are stored on-chain  Jenny Leung is an attorney at Blakemore, Fallon, Garcia, Rosini & Russo, PLLC, and Josh Garcia is a Principal and Co-Founder of Ketsal Consulting, LLC and Blakemore, Fallon, Garcia, Rosini & Russo, PLLC State legislatures have recently taken up the mantle of consumer privacy … Read more


A Franco-German Regulatory Strategy for Crypto Assets Is Starting to Emerge—and ahead of the EU

A Regulatory Approach for Crypto is Congealing with the Efforts by the EU’s Most Powerful Member-States  Jennifer D’hoir is Senior Advisor, Innovation & FinTech at Gide 255, and Katja Langenbucher is a law professor at Sciences Po, in Paris, France Financial innovation has been put under increased regulatory scrutiny, in particular at the EU level since the publication of … Read more


A New World: Crypto-Exchanges and the EU’s Sixth Money Laundering Directive

A Paradigm Shift is Coming to Europe’s Oversight of Virtual Currencies  Gabriel “Gabe” Hidalgo is a managing director at K2 Intelligence.  His bio can be found here. With recent announcements from the Financial Action Task Force about upcoming cryptocurrency regulation in 2019, increased money laundering penalties laid out in the EU’s Sixth Anti-Money Laundering Directive, and the … Read more


Artificial Financial Intelligence and the Future of Finance

William J. Magnuson is an Associate Professor at Texas A&M University School of Law Recent advances in the field of artificial intelligence have revived long-standing debates about what happens when robots become smarter than humans.  Will they destroy us?  Will they put us all out of work?  Will they lead to a world of techno-savvy haves and techno-ignorant … Read more


Crypto Considerations for Fund Managers

Private funds investing in digital assets have exploded in popularity—but pose unique legal risks David Felsenthal, Steven F Gatti, Philip Angeloff, David Adams, Ashwini Habbu, and Jesse Overall are attorneys with Clifford Chance, LLP. Private funds investing in blockchain-based digital assets have exploded in popularity in recent years. According to the consultancy Crypto Fund Research, there … Read more


Financial Health for the Future of Work

The Future of Work Needs Sound Retail Financial Services to Support it, and the Numbers Back it Up Usman Ahmed is the Head of Global Public Policy, PayPal.  Ivy K. Lau is the Social Innovation Manager, PayPal The future of work debate has sparked a set of important conversations about how to change fundamental institutions like health … Read more


Book Review: Blockchain Regulation and Governance in Europe

Elizabeth Jacobs is an attorney with the Securities and Exchange Commission  Distributed ledger technology (DLT) has become something of a trope. It has been proposed as a currency, as a tool for “smart contracts,” for cheaper clearing and settlement, and as a governance mechanism for everything from data identifiers to actual human voting. Michele Finck’s new book, … Read more


What’s the Matter with Regtech?

Amias Gerety is a Partner with QED Investors Regtech has been more promise than reality so far, but success is possible for startups that appreciate complexity of banks and financial services—and the interplay of rules to which they are subject.    Every large financial institution, and most small ones too, are committed to a digital … Read more


The Cryptocurrency Hole in SIPC Insurance

Patrick J. McCarty is the President of McCarty Financial LLC For all the talk that identifying virtual currencies as “securities” adds greater comfort and stability to financial rules, there is a very (very!) big problem, and one overlooked by market participants and scholars alike:  Security Investor Protection Corporation (SIPC) insurance coverage does not cover virtual currency … Read more


Many Central Banks Are Preparing For Digital Money, But Where is the Fed?

By JP Schnapper-Casteras and Misha Guttentag  The onset of the “crypto winter” has rekindled a fierce debate about the role of bitcoin and digital assets in monetary policy: opponents lambast them as a Ponzi scheme about-to-collapse and proponents promise they will replace government currencies entirely.  The reality is that, at least in the short term, … Read more


New Payment Services Won’t Always Require A Regulatory Rethink

Matt Swinehart is an attorney in Washington, DC The views expressed here are the author’s own and not necessarily the views of the United States government Two familiar tenets make up today’s conventional wisdom about fintech.  The first tenet is that the financial services industry is undergoing nothing short of a revolution.  The second tenet, … Read more


Cyberspace and Fintech Borders

By Dr. Rosa Lastra and Dr. Jason Grant Allen Since the 1990s, the Internet has become the communications channel used for an increasing number of commercial and financial transactions, not least because it makes transacting across geographical distances quicker, easier, safer, and more affordable. Already in the 1990s, it became clear that the Internet was … Read more


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


Crypto (Un)Certainty and Unfolding Regulatory Policy

Summary: Regulatory Action in Crypto is Fragmented–and Facing Increasing Legislative Interest J.C. Boggs, Jennifer DePalma, Matt Hanson and Ana Buling are attorneys in King & Spalding’s FinTech, Blockchain and Cryptocurrency practice In its latest effort to provide clarity for digital asset markets, the Securities and Exchange Commission announced plans earlier this month to release a … Read more


Alternative Data and the Hunt for Alpha: a Rich Man’s Game

Maria Adamjee is CEO of  Megalodon Capital While The terms “Alternative Data” and “Alpha”—the industry equivalent of “dude” or bro”—are ubiquitously  peppering Financial Markets discussions as fund managers seek differentiators in a highly competitive hedge fund market. Rarely does one encounter investment or trading content that can resist flaunting the term—but in practice, leveraging Alternative Data, … Read more


Charting Legal Strategies for Investor Protection in Initial Coin Offerings

Aurelio Gurrea Martínez is an Assistant Professor of Law at Singapore Management University While many securities regulators are still debating whether and, if so, how to regulate Initial Coin Offerings (ICOs), this new source of finance keeps growing worldwide. In 2017, companies raised around 3.7$ billion. In the first three quarters of 2018, this figure … Read more


Whatever Challenges the US Faces in Regulating Cryptocurrencies, the EU Faces Far More

Chris Brummer is a law professor at Georgetown University Law Center Much ado has been made of the challenges the United States faces when it comes to regulating cryptocurrencies:  the split authority of the SEC and CFTC, the ad hoc application of legal tests (most notably, the Howey test) to determine whether or not new financial products fall … Read more


The Challenge of Regulating Decentralized Networks (and Exchanges)

Priya Aiyar, former acting general counsel of the Treasury Department, is a partner at Willkie Farr & Gallagher LLP Regulating cryptocurrencies today poses many of the same questions that regulation of the internet posed in the 1990s.  Is it a matter of applying existing regulation to new facts, or coming up with a new body … Read more


The Paths to Crypto Asset Regulation and Innovation

The Paths to Crypto Asset Regulation and Innovation Sagar Sarbhai is Head of Regulatory Relations for APAC and the Middle East, Ripple
; Ryan Zagone is Director of Regulatory Relations, Ripple
 Regulatory certainty is a critical prerequisite and catalyst for technology adoption in financial services. Certainty makes clear the rules of the road and spurs investment … Read more


Systemically important cryptocurrency networks

Systemically Important Cryptocurrency Networks Tim Swanson is the founder of Post Oak Labs. For self-serving reasons there has been an enormous amount of revisionism that Satoshi built Bitcoin in direct response to the Great Financial Crisis.  But Satoshi explained that the coding for it began in mid-2007, which was months before any of the now … Read more


Flash Courses on Critical Issues

Chatbots and Ethics (Part II)

Chatbots and Ethics (Part 2) Mayer Brown’s Alex Lakatos provides for fintechpolicy.org viewers an overview of some of the ethical issues arising from the deployment of chatbots and AI. https://www.youtube.com/watch?v=zuq9HitH6CI&feature=youtu.be


Chatbots and Ethics (Part I)

Chatbots and Ethics (Part I) Mayer Brown’s Alex Lakatos provides for fintechpolicy.org viewers an overview of some of the ethical issues arising from the deployment of chatbots and AI. https://www.youtube.com/watch?v=bFW59G2wRQo&feature=youtu.be


AI and Ethics for Fintechs: Legislated Ethics (Pt. 2)

AI and Ethics for Fintechs:  Legislated Ethics (Pt. 1) Mayer Brown’s Alex Lakatos provides for fintechpolicy.org viewers an overview of some of the legal rules and frameworks concerning AI   . https://youtu.be/wVs9AIr7Rd4


AI and Ethics for Fintechs: Legislated Ethics (Pt. 1)

AI and Ethics for Fintechs:  Legislated Ethics (Pt. 1) Mayer Brown’s Alex Lakatos provides for fintechpolicy.org viewers an overview of some of the legal rules and frameworks concerning AI   . https://youtu.be/PiE3BVgrfNE


AI principles versus (Existing) Fintech Principles

AI Principles versus (Existing) Fintech Principles Following his discussion of ethical issues unique to AI, Mayer Brown’s Alex Lakatos compares AI principles to existing fintech principles and industry frameworks. https://www.youtube.com/watch?v=74QD4IOhNuw&feature=youtu.be


Ethical Issues Unique to Artificial Intelligence

Ethical Issues Unique to Artificial Intelligence  Mayer Brown’s Alex Lakatos explains to fintechpolicy.org viewers the unique ethics issues relevant to Artificial Intelligence. https://www.youtube.com/watch?v=74QD4IOhNuw&feature=youtu.be


Can a Security Become a Commodity?

Can a Security Become a Commodity? WilmerHale’s Petal Walker tackles one of the thorniest issues in fintech law and explains to fintechpolicy.org viewers whether, and under what conditions, a security can become a commodity. https://youtu.be/cy3VDQo0kpU


Ethical Principles Relevant to AI

Ethical Principles Relevant to AI Mayer Brown Partner Alex Lakatos outlines what basic principles increasingly apply to AI–regardless of the specific context in which a robot or machine may operate.


How are Ethical Codes of Conduct Enforced in AI? (Pt. 2)

How are Ethical Codes of Conduct Enforced in AI? (Pt. 2) In Part 2 of his analysis on ethical codes of conduct, Mayer Brown’s Alex Lakatos outlines possible methods for enforcing ethical codes of conduct in AI, and the three principal challenges hampering the development of such codes in the sector.   https://www.youtube.com/watch?v=8JmmIwN3GDw&t=5s


How are Ethical Codes of Conduct Traditionally Enforced? (Pt. 1)

How are Ethical Codes of Conduct Traditionally Enforced? (Pt. 1) Mayer Brown’s Alex Lakatos provides an overview as to how ethical codes of conduct are generally enforced over regulatory, legislative, market and trade associations and guilds and cultural expectations.   https://www.youtube.com/watch?v=GkiRLRkUDKo


Roboethics vs. Machine Ethics

Roboethics vs. Machine Ethics Mayer Brown partner Alex Lakatos provides an overview and definition of the two major branches of ethics in the field of artificial intelligence: Roboethics and Machine Ethics.


AI and ethics for Fintechs (ep. 1): Introduction

AI and ethics for Fintechs (ep. 1): Introduction Mayer Brown partner Alex Lakatos begins an explanation of how fintech’s deployment of artificial intelligence challenges traditional legal ethics–posing new conundrums for practitioners, regulators and in-house counsel alike.


Which Virtual Currencies are Commodities? The Landmark Case CFTC vs. My Big Coin Pay

Which Virtual Currencies are Commodities? The Landmark Case CFTC vs. My Big Coin Pay In the extremely important and recent case, CFTC vs. My Big Coin Pay, a federal court ruled that My Big Coin is a virtual currency meeting the definition of a commodity, despite the absence of a futures contracts and other derivatives … Read more


How International Financial Regulation Impacts Fintech (Pt. 1)

How International Financial Regulation Impacts Fintech (Pt. 1) Regulators develop rules for fintech internationally, as well as domestically. In this lecture for fintechpolicy.org, Professor Chris Brummer explains the process by which rules are devised, and the major actors. https://youtu.be/eDk0mpPitDg


Enforcement and Surveillance

ICOs, Token Sales, Crowdsales Tracker: a curated list of ongoing and upcoming token sales, sometimes referred to as ICOs (initial coin offerings) and crowdsales.

In the Matter of BTC Trading, Corp and Ethan Burnside, (June 2014), Securities Act of 1933 (Release No. 9685) (Dec. 8, 2014), Securities and Exchange Act of 1934 (Release No. 73783) (Dec. 8, 2014), Admin Proceeding File No. 3-16307.  (Unregistered Securities Offering, Operating an Unregistered Securities Exchange and Unregistered Broker Dealer)

Securities and Exchange Commission v. Jon T. Montroll and BitFunder, Inc. (US District Court for Southern District of New York) (February 2018)  (Sale of unregistered securities, operating an unregistered securities exchange, misappropriating customer bitcoin and failing to inform investors of cyber attacks.)

Securities and Exchange Commission v. Trendon T. Shavers and Bitcoin Savings & Trust (US District Court Eastern District of Texas) (July 23, 2013)  (Ponzi Scheme – Bitcoin Based Investments offered and old investors paid with new investor bitcoin)

In the Matter of Munchee, Inc. (Dec. 11, 2107), 1933 Act Release No. 10445, Admin. Proceeding File No. 3-18304  (Offering unregistered securities to the public – Munchee Phone App for Restaurants – MUN coin).


Consumer Protection Bureau’s Project Catalyst: Portal designed for entrepreneurs to pitch ideas for consumer-friendly innovation.

European Commission’s Fintech Portal: On this site, the EU defines Fintech, and lays out its action plan.

InvestHK: Hong Kong SAR’s website showcasing financial innovations and startups in the region.

LabCFTC: the focal point for the CFTC’s efforts to promote responsible financial technology (FinTech) innovation and fair competition for the benefit of the American public. LabCFTC is designed to be the hub for the agency’s engagement with the FinTech innovation community.

MAS Regulatory Sandbox: Read updates on Singapore’s regulatory sandbox, widely considered one of the most ambitious in the world.

OCC Responsible Innovation: go here to see the latest updates from the OCC on their mission to support responsible innovation of new or improved financial products, services and processes.

U.K. Financial Conduct Authorities Project Innovate: Explore the various initiatives
ongoing in the U.K. to support financial services innovation, including information on the
FCA’s regulatory sandbox.

Multilateral Standard Setters and Rulemakers

Basel Committee Report on Sound Practices: implications of fintech developments for banks and bank supervisors.

Basel Committee Report on Regulating cryptocurrencies: assessing market reactions. Financial Stability Board report on Monitoring of FinTech: a compendium of documents produced by body related to fintech.

IOSCO Research Report on Financial Technologies (Fintech): An overview of the organization’s insights as to the risks, benefits and dimensions of fintech.


The American Banker Podcast: Informed discussions from the magazine about ideas and developments in banking and financial services.How High Frequency Trading Works, Trading Speed, and the Flash Crash

Breaking Banks: One of the top international podcasts covering a wide range of fintech

Fintech Insider:  a tri-weekly podcast dedicated to all things fintech, banking and financial services.

Lend Academy’s Lending and Fintech Podcast: Interviews with fintech leaders about what is happening in online banking and peer to peer (p2p) lending firms.

Unchained: Conversations with industry pioneers across tech, financial services, health care, government and other sectors about how the blockchain and cryptocurrency will open up new opportunities for incumbents, startups and everyday people to interact more efficiently, directly and globally.