Innovative Bankers and Regulators
To identify seven additional financial regulators who are innovative and may be willing to help IPO something that is behaving differently. These financial regulators will also be open to emerging innovative technologies and are involved in approving financial instruments such as cryptocurrency regulations or blockchain.
Our research on innovative financial regulators revealed insights. Here are some key pieces of information we found:
Innovative Financial Regulators
- Jelena McWilliams, who is the Federal Deposit Insurance Corporation (FDIC) chairman, launched a new innovation office earlier this year. A part of this office is FDiTech that engages with innovators to understand the latest financial technologies.
- Ms. McWilliams commented, "We want disruptors and visionaries. We want people who have the foresight to dream big and the smarts and determination to make those dreams a reality. We are looking for people to help us transform the FDIC so we do not just evolve with technology, we nurture it."
- Christopher Giancarlo, who is the outgoing chairman of the Commodity Futures Trading Commission (CFTC), gave a speech on CFTC 2.0, a program that is intended to provide opportunities to discover ideas and technologies that have the potential to improve the effectiveness and efficiency of the agency and the opportunity for outreach to FinTech innovators.
- Mr. Giancarlo commented in his speech, “In the next decade, the CFTC and, indeed, all market regulators, have no choice but to transform alongside modern digital markets and become quant-driven agencies conducting robust data collection, automated data analysis, and state-of-the-art artificial intelligence.”
- Joseph Otting, Comptroller of the Currency of the Office of the Comptroller of the Currency (OCC), is taking on the problem of regulatory complexity and barriers to innovation.
- Mr. Otting commented, "Supporting a financial system that innovates responsibly is central to the mission of the OCC. As the prudential regulator of the U.S. federal banking system, the OCC has been a leading voice among regulators on the importance of encouraging innovation."
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