Four American Financial Authorities Including the SEC Join UK Organization, GFIN
In August last year, the Financial Conduct Authority (FCA), U.K’s Financial authority, sought to create an organization to harmonize regulation in the Fintech industry, coming up with the Global Financial Innovation Network (GFIN). The Unites States financial authorities, become the latest to join the global fintech regulatory board.
The organization started off with 12 financial regulatory bodies joining its cause and has seen the number growing to over 45 financial authorities including central banks, and international organizations to promote financial innovation in blockchain and fintech in a regulated environment.
U.S Financial Authorities Join GFIN
A press release from the Securities Exchange Commission (SEC) confirms four major financial authorities in the US have joined the U.K based organization. The SEC, Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) became the latest members to join the organization on Oct. 23.
The statement from the SEC read,
“Participation in the GFIN furthers these objectives and enhances the agencies’ abilities to encourage responsible innovation in the financial services industry in the United States and abroad. Being part of international organizations such as this helps U.S. financial regulators represent the interests and needs of the nation and its financial services stakeholders.”
The joining authorities will be able to share information on fintech related services and innovation in a bid to “ensure financial stability of the markets, advance financial and market integrity, enhance consumer and investor protection and promote financial inclusion and fair competition in the industry.”
FCA Ban On Crypto Options?
Earlier in the year, the U.K financial authority released a proposal of strict regulations on crypto derivatives in the country. An uproar from the cryptocurrency community seems to do little to sway the minds of the regulators as the final decision on the ban of crypto options set to be made in “coming months”.
However, on Oct. 7 the World Federation of Exchanges called out the FCA asking them to drop the ban on crypto options as “it is not the right course of direction” for the country.