US Financial Regulators Join UK FCA's 'Global Sandbox'

Four U.S. regulators joined an international alliance of government regulators seeking to bolster the future of fintech.

AccessTimeIconOct 24, 2019 at 5:45 p.m. UTC
Updated Sep 13, 2021 at 11:37 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Four U.S. regulators joined the Global Financial Innovation Network, an international alliance of government regulators led by the UK's Financial Conduct Authority seeking to bolster the future of fintech.

The Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have all signed onto the GFIN, an SEC spokesman confirmed to CoinDesk.

Their participation in the network - established in August 2018 - brings federal regulators into GFIN’s mission of developing a “global sandbox” for financial innovations.

In a joint press release announcing the news, the regulators said:

“By promoting knowledge-sharing on innovation in financial services, U.S. members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability,”

They said that when GFIN launched, it found organizations interested in studying cross-border solutions, from distributed ledger technology (DLT) to initial coin offerings. Regulating these tenants of the crypto space were front-of-mind - some members had already begun implementing cross-border payment channels via DLT.

SEC image via Shutterstock.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.