The Commodity Futures Trading Commission (CFTC) is looking for ways it can make it easier for FinTech firms to partner with federally regulated institutions.
The regulator has issued a Request for Information that will assist it in identifying regulations, guidance documents, orders, no-action letters and other CFTC regulatory items that unduly impede FinTechs from entering into partnerships with federally regulated institutions, as well as regulatory items that could be amended to streamline application processes for eligible FinTechs, it said in a Tuesday (June 16) press release.
The comment period will be open for 21 days after the publication of the Request for Information in the Federal Register, according to the release.
Comments may be submitted electronically through Regulations.gov or by other methods details in the request, and they will be posted on Regulations.gov, per the release.
“The Request for Information will assist the Commission in complying with its obligations under Executive Order 14405,” the CFTC said in the release. “Additionally, the Request for Information will help the Commission identify which CFTC regulatory item(s) could be updated to facilitate innovation and competition for FinTech firms.”
President Donald Trump signed Executive Order 14405, “Integrating Financial Technology Innovation into Regulatory Frameworks,” on May 19, PYMNTS reported at the time.
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The executive order directs federal regulators to review existing regulations, guidance, supervisory practicesand application processes that may be updated to encourage financial innovation and competition, while maintaining safety and soundness, according to a White House fact sheet.
The White House said in the fact sheet that FinTech firms provide innovative services and solutions that facilitate access to financial markets and create economic opportunities for all Americans.
“To foster Americans’ ability to benefit from these services, the Federal government must update its outdated regulations to allow integration of digital assets and other novel financial technology into traditional financial services and payment systems,” the White House said.
In another recent move, the CFTC in March said it was seeking public comment on whether it should amend or issue new regulations governing event contracts traded on prediction markets.
In an advanced notice of proposed rulemaking, the regulator seeks information about the application of CFTC regulations to prediction markets, the types of event contracts that may be prohibited because they are contrary to the public interest, and cost-benefit considerations related to prediction markets.
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