At the recent FIA event, Acting CFTC Chairman Giancarlo unveiled the agency's pending work on embracing innovation.
The CFTC is close to completing a review to determine how it can leverage and promote innovation in financial technology, acting Chairman J. Christopher Giancarlo said March 15. Giancarlo’s stated goal throughout his tenure on the commission has been to shape the CFTC into a “21st century regulator,” and promoting fintech would be a major step in that direction. The fintech review is focused on three issues, Giancarlo said: how the commission can leverage the technology to make it more effective; what the CFTC’s role should be in promoting fintech innovation; and how fintech can help identify rules that need updating. While Giancarlo is probably the most ambitious of the financial regulators in his hopes to foster and leverage fintech, the generally more conservative approach of the banking regulators may force him to hold back somewhat,