From: Bloomberg/BNA
Sept. 23 — Regulators could temporarily waive some rules for financial technology firms working on new innovations, under legislation proposed by Patrick McHenry (R-N.C.)
This regulatory sandbox, which McHenry dubs “permanent beta” is designed to provide fintech entrepreneurs more freedom to try out a new idea without becoming entangled in what may be ill-fitting regulations. Fintech companies have complained that the U.S. lags the U.K. and some other countries in encouraging innovation by that means.