Note from the Publisher: When Paypal, Google, Amazon, Intuit and Apple make a request, you’re probably going to listen. On 11/30, that’s exactly what happened when the trade group Financial Innovation Now wrote an open letter to President-Elect Trump recommending that “the incoming administration modernize digital payments regulations, enable consumers to manage their finances with the latest technology, and increase small business access to capital.”
We applaud the effort – with some hesitation. Fintech is MASSIVE and diverse and encompasses payments, P2P, marketplace lending, digital currencies, blockchain technology, insurtech and on and on and on. It’s what we write about all day, and it does need to be regulated. We just SINCERELY HOPE that it doesn’t become OVER-regulated by government adminsitrators who don’t fully understand the technology and the marketplace impact. So we most certainly applaud the effort on the part of this organization, but we’lll be watching.
“November 30, 2016
The Honorable Donald J. Trump
President-elect of the United States
Trump-Pence Transition Team
1717 Pennsylvania Ave, NW
Washington, DC 20006
Dear President-elect Trump:
On behalf of Financial Innovation Now, I would like to congratulate you on your recent election. Financial Innovation Now (“FIN”) is an alliance of leading innovators promoting policies that empower technology to make financial services more accessible, safe and affordable for everyone. We look forward to working with you, your transition team, and the individuals you appoint as the nation’s federal financial regulators.
Technology and the internet are changing the way consumers and small businesses manage money, access capital, and grow commerce. Financial regulators around the world are paying close attention to this transformation and actively working to adopt policies that attract investment and create jobs in these new services, ultimately benefiting their own consumers and businesses. While America’s financial regulators and Congress have recognized this potential on a bipartisan basis, more leadership and federal coordination is necessary.
You campaigned on a promise to bring change to Washington, and your business experience, unique for any incoming President in history, offers a rare leadership opportunity that we believe sets the stage for modernizing some of our most antiquated financial rules. We are optimistic that you and your administration are well positioned to make America great at innovating in financial services and growing these jobs here at home.
We urge your administration to adopt a national vision and coordinated strategy to 1) ensure we grow financial technology jobs in the US, and 2) foster competition and innovation in financial services to better serve consumers and the economy.
Read the Rest of the Letter at FinancialInnovation Now