Since the start of the century, the finance industry has been
drifting away from traditional banking, trading, and asset
management methods and towards a more digital economy. This gave
rise to an entirely new, unchecked segment of the market that is
now booming with both legal conflict and impending regulation.
Artificial intelligence (AI), blockchain, cloud computing, and big
data are considered to be the four key areas in fintech, and these concepts support other
finance innovations currently dominating headlines like
cryptocurrencies, central bank digital currencies (CBDCs), and
decentralized finance (DEFI). As these innovations in digital
assets continue to expand, the market is now looking to regulatory
bodies to control what has evolved beyond business opportunity into
a burgeoning area for fraud and financial misconduct.
Earlier this year, The White House attempted to tame the wild
west of finance by enacting an executive order on ensuring the responsible
development of digital assets. In the time since, the government
has worked to develop frameworks that support the six key areas
outlined in the EO. So, what does this regulation look like? And
how are entities like the DOJ and SEC ensuring that fintech players
are playing fair?
A Push for Crypto Regulators to Move Faster
According to the White House, almost half of the world’s 100
most valuable fintechs hail from the United States. And in a widely
unchecked industry, this leaves room for…
