Four US regulators have joined the Global Financial Innovation Network, an international alliance led by the UK Financial Supervisory Authority (FCA).
The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Commercial Banks Regulatory Commission (OCC), and the Federal Deposit Insurance Corporation (FDIC) have joined the Global Financial Innovation Network (GFIN).
Participation in the initiative will allow US federal regulatory agencies to fulfill the GFIN mission to create a global sandbox for fintech companies. In a joint press release, regulators said:
“By fostering fintech innovation knowledge sharing, GFIN members in the United States will strive to ensure financial and market integrity, protect consumers and investors, and increase access to financial services, competition, and financial stability.”
Regulators noted that GFIN supports organizations interested in studying cross-border solutions, from distributed ledger technology (DLT) to initial token offerings. Regulating these participants in the cryptocurrency industry remains the core mission of GFIN. Some members of the sandbox have already begun to implement cross-border payment channels using DLT.
Recall that the regulators of 11 countries created the global “sandbox” GFIN for fintech companies in August last year, and this summer the financial regulator of Israel joined the network. The World Bank and the International Monetary Fund are also participating in the initiative.
Related posts:
GitHub Libra Code draws criticism from users 
Tipping on Reddit and Vimeo in BAT introduced by Brave 
Newcomers to the crypto market have to pay attention to scams and pump and dumps 
Hardly any growth in downloaded crypto apps, despite tripling price bitcoin 
Bloomberg accepts Bitcoin – says cryptomonads are here to stay 
The Central Bank can release their cryptocurrencies earlier than expected
