American Regulators Playing FinTech Catch-Up

Michael Nonaka is quoted in a Law360 article examining how U.S. regulators are fostering fintech innovation. According to Nonaka, the CFTC and FINRA initiatives are important steps to get the agencies up to speed on fintech issues. “It’s certainly a step forward, it’s a step in the right direction for the regulators to be able to do new initiatives that will help the fintech industry,” he says. “But it’s by no means assured that what the CFTC and FINRA are doing will ultimately help the fintech industry. This is a first step.”

However, Nonaka adds that there is room to grow. “I don’t think that the level of coordination needed among regulators to effect truly helpful fintech innovation has been achieved or is close to being achieved."