U.S. President Donald Trump signed an executive order on May 19 directing the Federal Reserve to review policies governing fintech companies’ access to payment accounts and services.
In his order, Trump said the government must remove burdensome regulatory barriers to enable integration of digital assets and financial technology into “traditional financial services and payment systems.”
“This order will help cement the United States as the world leader in financial technology innovation, which will help drive down costs and create greater economic opportunities for hardworking Americans,” the White House said in a fact sheet.
Trump’s order requires financial regulators to review existing regulations that could be updated to promote fintech innovation and identify rules that “unduly impede fintech firms from entering into partnerships with federally regulated institutions.”…
Trump Orders Federal Reserve to Review Fintech Companies’ Access to Payment Accounts
