As such, the Office of Financial Technology will incorporate the work of the already existing Office of Innovation, which was established in 2016, in order to bolster efforts to facilitate a healthy fintech landscape, adapt to changes in the industry and support responsible innovations.
“Financial technology is changing rapidly and bank-fintech partnerships are likely to continue growing in number and complexity. To ensure that the federal banking system is safe, sound, and fair today and well into the future, we need to have a deep understanding of financial technology and the financial technology landscape,” said Acting Comptroller of the Currency Michael J. Hsu, in a statement. “The establishment of this office will enable us to be more agile and to promote responsible innovation, consistent with our mission.”
The Office of Innovation is helmed by Chief Innovation Officer Beth Knickerbocker. It has five offices peppered throughout the country in California, North Carolina, Ohio, Minnesota and Washington, D.C.
The new department, according to the announcement from the OCC, will be helmed by a yet-to-be-installed chief financial technology officer. That officer will report directly to the senior deputy comptroller for bank supervision policy and will work to provide strategic leadership for principal stakeholders, as well as provide perspective with respect to fintech activities and associated supervision, according to the OCC.
From Twitter
"52% of voters want more cryptocurrency regulation, according to a new poll from the Crypto Council for Innovation. @ylanmui breaks down the findings. https://cnb.cx/3W5ywtV"
The announcement comes alongside a new, separate Crypto Council for Innovation survey that indicates a majority of likely voters are seeking clearly established “rules of the road” to protect consumers and facilitate responsible innovation.
“Congress is a critical component to ensuring consistency and clarity in the digital future. Working together, it’s possible for the U.S. to build more pathways to spur meaningful economic growth, and secure a digital future where crypto’s full potential is realized through careful conversation and smart policy,” said Cory Gardner, a former senator and the chief strategist of political affairs for the Crypto Council.
From Twitter
"Vitalik Buterin, the co-founder of Ethereum, the world’s second-largest cryptocurrency in sharing his opinion on crypto regulation. Continue reading Buterin...Read more:
Additionally, the survey also indicated approximately one in every seven likely voters already owns cryptocurrency, and independent voters, African American and Hispanic voters and voters under 45 years old are more likely than others to hold cryptocurrencies.
“This means that candidates with strong pro-crypto messages are directly appealing to some of the most important segments of today’s electorate,” according to the council’s analysis. “Results reflect the public’s desire for rules of the road that ensure the potential of this technology works to their benefit.”
