US Feared As Losing Ground Amid Global Fintech Advances

Law360 (December 4, 2019, 3:41 PM EST) -- The United States could lose its position as the world’s dominant capital market unless regulators effectively respond to seismic shifts caused by advances in financial technology, a former White House economic adviser said Wednesday at a panel discussion organized by the U.S. Securities and Exchange Commission.

Gary Cohn, former chief economic adviser to President Donald Trump, said the U.S. is still the world’s dominant capital market but is on the “fringe of potentially losing that position,” pointing to rapid advances in payments technology in Asia and the growth of digitized assets and securities abroad. These market developments require more regulatory leadership...

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