How to Regulate FinTech, Crypto Assets, DeFi, and Other Financial Innovations

By Steven L. Schwarcz April 10, 2024 by renholding

In a new article, I attempt to build a systematic framework for regulating FinTech-driven innovations. In doing so, I clarify and simplify the confusing terminology that makes FinTech appear more complicated than it is.

“FinTech” refers to the use of …

Fintech and the False Promise of Techno-Solutionism

By Hilary J. Allen January 25, 2024 by renholding

For about a decade, financial regulators have been grappling with the rise of fintech and the ways it disrupts financial regulation. But something is often lacking in these policy conversations. In a new draft article, I argue that financial …

The Rise of Big Tech Has Significant Implications for Global Financial Regulation

By Steve Kourabas and Cheng-Yun (CY) Tsang October 3, 2023 by renholding

Big technology (Big Tech) firms – globally active digital platforms or tech companies – generate extensive user data that allow them to engage in a variety of businesses, including financial services and products. While often discussed as part of the …

How Corporate Investments in Fintech Startups Affect the Performance of the Startups and the Corporations

By Thomas Chemmanur, Harshit Rajaiya, Michael Imerman and Qianqian Yu June 1, 2023 by renholding

Financial Technology, or “fintech,” is one of the fastest growing sectors in finance. In 2010, the total amount of funding raised by fintech firms was just over $1 billion dollars, while in 2018, total funding was around $40 billion. In …

Fractionalizing Investment Securities: Using FinTech to Expand Financial Inclusion

By Steven L. Schwarcz and Robert Bourret April 5, 2023 by renholding

Recent innovations in financial technology, or “FinTech,” are enabling the fractionalization of shares of stock, bonds, and other investment securities into units (“fractionalized securities”) that are small enough for virtually any investor to afford. In a new article, we show …

Arnold & Porter Discusses Today’s SEC Examination Priorities, Tomorrow’s SEC Enforcement Actions

By Christian D. H. Schultz, Jane Norberg, Daniel M. Hawke, Ellen Kaye Fleishhacker and David F. Freeman, Jr. April 14, 2022 by renholding

Rounding out a series of quarter-end announcements from the US Securities and Exchange Commission (SEC), the Division of Examinations (Exams) announced its 2022 examination priorities on March 30, 2022. These priorities reflect SEC Chair Gary Gensler’s stated view that the …

How FinTech Affects Corporate Takeover Markets

By Joanna Wang and Alan L. Zhang March 18, 2022 by renholding

Investment in financial technology, or FinTech, has increased dramatically over the past decade – from a total value of $9 billion worldwide in 2010 to well above $100 billion in recent years, with a peak of $215 billion in 2019. …

Debevoise Discusses Russia, Sanctions, and Digital Assets

By Satish M. Kini, Aseel M. Rabie, Robert T. Dura, Jonathan Steinberg and Amy Aixi Zhang March 9, 2022 by renholding

In response to ongoing Russian military action in Ukraine, U.S. authorities have imposed several tranches of new sanctions against Russia, particularly against Russia’s financial industry, including its major banks and the Central Bank of Russia. On February 26, President …

Fintech SPACs Have Been Swimming Naked – and the Tide Is Going Out

By Todd H. Baker January 27, 2022 by renholding

Acorns Grow Inc., the financial technology and investing startup, said last week that it was abandoning its $2.2 billion merger with SPAC Pioneer Merger Corp., putting itself on the hook for a $17.5 million termination fee. Coming almost eight months …

SEC Chair Gensler Speaks on Fintech

By Gary Gensler October 22, 2021 by renholding

Good morning. It’s good to be here at DC Fintech Week. Thank you, Chris [Brummer], and all the organizers for inviting me here today. As is customary, I’d like to note that my remarks are my own, and I’m not

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SEC Chair Speaks Before Small Business Capital Formation and Asset Management Advisory Committees

By Gary Gensler September 28, 2021 by renholding

Thank you, Carla [Garrett]. It’s good to be with this Committee again. I’d like to thank the members for their time and willingness to represent the interests of America’s small businesses. As is customary, I’d like to note I’m not

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Shearman & Sterling Discusses How UK Banking Is Affecting Global FinTech

By Barney Reynolds April 19, 2021 by Nisha Chandra

In an increasingly virtual world, law and regulation act as a vital safety net for businesses. The nature of that safety net varies, depending on the particular legal jurisdiction where the businesses are located. Global providers in the FinTech arena …

Resurrecting the Office of Financial Research

By Hilary J. Allen November 30, 2020 by renholding

The Office of Financial Research (“OFR”) was created by the Dodd-Frank Act to help address the gaps in data availability and analysis that had hampered governmental authorities in their response to the financial crisis of 2008. It was hoped that …

Debunking Fintech Inside and Outside the Blockchain

By Fatjon Kaja, Edoardo Martino and Alessio M. Pacces November 27, 2020 by renholding

The hype over technology-enabled disintermediation of financial services, commonly known as fintech, seems at a peak. Though fintech firms promise to increase competition in the financial industry, it is unclear how much the various forms of fintech, including those working …

Fintech and International Financial Regulation

By Yesha Yadav November 19, 2020 by renholding

In the weeks leading up to Ant Financial’s ill-fated IPO, Jack Ma criticized the system of international banking regulation in remarks at the Bund Summit in Shanghai. The Alibaba co-founder contended that the current framework was a poor match for …

ResTech: Innovative Technologies for Crisis Resolution

By Giuseppe Loiacono, Alessandro Mazzullo and Edoardo Rulli July 30, 2020 by renholding

The increasing use of financial technologies (FinTech) by market participants has fostered a discussion among public authorities on the use of similar technologies for regulatory (RegTech) and supervisory (SupTech) purposes. Innovative technologies could also be applied to crisis resolution: the …

Bank-Fintech Partnerships, Outsourcing Arrangements, and the Case for a Mentorship Regime

By Luca Enriques and Wolf-Georg Ringe July 22, 2020 by renholding

Fintech firms, once perceived as disruptors of the traditional banking industry, are now increasingly seen as attractive partners for established financial institutions. Partnership arrangements between banks and new financial technology startups have therefore mushroomed over the last several years. Such …

Will FinTech Disruption in the ‘20s Be Roaring?

By Troy A. Paredes and Lee A. Schneider April 3, 2020 by renholding

In recent podcasts, we addressed three themes, among other topics: how artificial intelligence and machine learning (AI/ML) can change how decisions get made; how blockchain can transform how we transact and how we record and communicate things; and how technology …

Operating Systems: How Tech Is Changing Asset Management

By Dirk A. Zetzsche, William A. Birdthistle, Douglas W. Arner and Ross P. Buckley March 20, 2020 by renholding

The impact of technology on finance (FinTech) is one of the hottest topics in business, law, and regulation, with academics and practitioners considering a host of issues that include cryptocurrencies, robo-advice, initial coin offerings, and algorithmic analyses of big data. …

Man versus Machine: A Comparison of Robo-Analyst and Traditional Research Analyst Investment Recommendations

By Braiden Coleman, Kenneth Merkley and Joseph Pacelli January 31, 2020 by renholding

Advancements in financial technology (FinTech) are revolutionizing product offerings across the financial services industry. As of 2018, more than $50 billion had been invested in 2,500 companies that are redefining the way in which individuals participate in financial markets (Accenture, …

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