SEC's Peirce Says Gensler, FinHUB Could Bring Crypto Clarity

Law360 (March 2, 2021, 8:08 PM EST) -- Large U.S. financial institutions are at risk of being cut off from the most innovative parts of the fintech economy in part because of a lack of regulatory clarity surrounding fintech and digital assets, but change could be on the horizon, according to the U.S. Securities and Exchange Commission's Hester Peirce.

Speaking at an Institute of International Bankers conference Monday, the commissioner argued that the current regulatory framework perpetuates a cycle where so-called legacy financial firms are incentivized to keep innovative competitors out, while regulators themselves take comfort in "repeat dealings with an unchanging set of regulated incumbents."

"The legacy financial...

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