Four U.S. watchdogs joined the Global Financial Innovation Network, a worldwide coalition of government regulators driven by the UK’s Financial Conduct Authority looking to reinforce the future of fintech.
The Securities and Exchange Commission (SEC), Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission (CFTC), and the Federal Deposit Insurance Corporation (FDIC) have all inked commitment onto the GFIN, an SEC representative confirmed.
Their cooperation in the system – set up in August 2018 – brings government controllers into GFIN’s goal of building up a “global sandbox” for financial developments.
In a joint public statement reporting the news, the regulators stated:
“By promoting knowledge-sharing on innovation in financial services, U.S. members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability.”
They stated that when GFIN propelled, it discovered associations keen on considering cross-border arrangements, from distributed ledger technology (DLT) to initial coin offerings. Regulating these occupants of the crypto space was front-of-mind – a few members had just started executing cross-border payment channels by means of DLT.