RATE Group | U.S. Initiates Regulatory Sandbox for Blockchain and Cryptocurrency
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U.S. Initiates Regulatory Sandbox for Blockchain and Cryptocurrency

21 Jul U.S. Initiates Regulatory Sandbox for Blockchain and Cryptocurrency

Posted at 19:58h in Cryptocurrency News by

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U.S. Initiates Regulatory Sandbox for Blockchain and Cryptocurrency

Among the bustle of crypto-related activities in Washington this week, an important announcement surfaced from Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB).

In a press release, on July 18, 2018, Mulvaney announced Paul Watkins as the head of the newly formed office of innovation. Mr. Wakins’ appointment and the launch of the new office coincides with the agency’s implementation of a “regulatory sandbox” intended to spur novelty in the burgeoning fintech field. 

Crypto Could Get a Strategic Boost 

Fintech – the intersection of finance and technology, includes cryptocurrencies and blockchain technology, and the CFPB’s actions are intended to expand in these sectors.

Within the industry, the term “regulatory sandbox” indicates a rapidly developing regulation that aligns with the fast-paced development of the sector. The CFPB’s initiative strives to create an open dialogue between developers and government officials charged with…

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