Article: States Take Action on Fintech Rules While Awaiting Guidance from Washington

This fall, while the OCC was still considering its approach to fintech regulation, several state regulators had already begun their work on making financial innovation safe, fair, and effective for consumers.

The Morning Consult writes:

“As federal regulators contemplate a new regulatory framework for financial technology firms, some states have taken their own approach to the burgeoning sector. But it’s unclear how the speed and scope of state policymaking for fintech will align with federal efforts that so far have been slow to take form.

“In North Carolina, a law enacted in July exempts virtual currency users and blockchain software providers from licensing requirements, a move that garnered praise from organizations such as the Chamber of Digital Commerce.

“It’s been a long journey; however, the benefits for both business and consumers in North Carolina won’t take nearly as long to surface,” Perianne Boring, the group’s founder and president, said in an email statement to Morning Consult. “North Carolina anticipated key issues, and developed a reasonable solution to address each concern. This has paved the way for other states to realize and embrace the incredible potential of these technologies.”

Read the full article here.