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What Are Some of the Most Significant FinTech Bills that – if Passed – Would Transform Financial Services?

In this segment, Dina Ellis Rochkind, Of Counsel, Paul Hastings, discusses the regulatory activity on Capitol Hill with respect to fintech, blockchain and cryptocurrencies. She underscores the most significant bills that, if passed, could lay the groundwork for modern finance.


Transcript

Dara Albright: I love your regulatory updates and it seems like they have increased in their frequency. So we're starting to see a lot of activity in the fintech space on Capitol Hill. Are you? I mean, that's how it feels to me. Is that what you are seeing and experiencing?
Dina Ellis Rochind: Yeah, I think there is a lot of interest in fintech, crypto and blockchain. It's an emerging space. There's just a lot of interest in technology overall as you can see from larger companies where people are concerned about privacy and other issues. But you have activity on Capitol Hill. The main bill is the Token Taxonomy Act, which provides clarity as to when something's a security or when it's a utility. Now the legislation is very important because it creates a dialogue and a discussion, and it's also very important because the agencies (SEC, CFTC, etc.) are interconnected with the Hill. And when I say that, I mean Capitol Hill influences what the agencies do and vice versa, or they put pressure on each other to do things. But from a more concrete standpoint, the SEC, CFTC and other agencies are chock full of former Hill staffers.


Dara Albright is a recognized thought provoker, advisor, author, and speaker on topics relating to fintech, digital finance, cryptofinance, peerfinance, crowdfinance topics, IPO execution, investment banking and corporate communications.

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