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North Carolina Rep. Patrick McHenry, a current principal member of the House Financial Services Committee and chair since January, has set up an innovation office within the government agency that deals with financial services. We have reintroduced legislation aimed at
In an announcement on December 19th, McHenry said Said He reintroduced the Financial Services Innovation Act bills he previously introduced in 2016 and 2019. The bill was intended to create offices within existing federal financial institutions that could support innovators, including those dealing with cryptocurrencies and blockchain. usa.
McHenry said companies can take legal action with the offices of agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission without “outdated or overly burdensome” regulations. You can apply for an enforceable compliance agreement. He suggested the law was modeled after North Carolina’s regulatory sandbox program.
It is important for our regulatory process to work with financial innovation, not against it, said McHenry. My legislation helps financial institutions and entrepreneurs bring innovative products and services to market faster, while maintaining important consumer protection safeguards. […] The Republican Commission will continue to work towards a modern regulatory framework that will give fintech companies a clearer path to success.
We are proud to reintroduce the bill to promote financial innovation and inclusion.
The Financial Services Innovation Act follows the same model as North Carolina’s successful regulatory sandbox program.
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Patrick McHenry (@PatrickMcHenry) December 19, 2022
Other federal agencies, including the Office of the Comptroller of the Currency, have already announced plans. Established Innovation Office Focus on fintech. The SEC launched the Strategic Hub for Innovation and Financial Technology (FinHub) in 2018, and in 2020 the center became a separate office. The CFTC’s fintech research unit, LabCFTC, made a similar move in 2019.
Related: New House Financial Services Committee Chairman Wants To Delay Crypto Tax Changes
California Rep. Maxine Waters currently chairs the House Financial Services Committee, but McHenry is set to take over in January after Republicans won majority control in the House, 222-213. .Under Waters and McHenry, the House Committee made many bipartisan efforts In dealing with the collapse of crypto exchange FTX and potential actions against former CEO Sam Bankman-Fried.
