The bills are mostly regarding “getting regulators up to speed with the latest technology in play,” the Milken Institute’s Jackson Mueller said.
“These rules effectively prevent the CFTC and other federal regulators from being able to gain a closer look at and gain a greater understanding of the latest technology and trends as they develop,” Mueller stated.
Three bills
Legislation by Rep. Austin Scott (R-Ga.) and a bill to reauthorize the CFTC from Rep. Collin C. Peterson (D-Minn.) are notable. They would bring about exceptions to gift rules to allow regulators to enjoy admission to blockchain, data, analysis or additional computerized infrastructure outlined by innovators in the private sector, as long as choices are made competitively. They are part of 124 bills that the Milken Institute is watching that have to do directly with fintech.
A third bill — the Financial Technology Protection Act, by Rep. Ted Budd (R-N.C.) — would put together a fintech subsidy plan paid for by fines on terrorism lenders in digital currency. Last year, the FTPA passed the House, but it has sat in the Senate Banking Committee.
