What the Article Says:
With Donald Trump’s recent election, his proposed changes are expected to have major effects on the financial services industry, especially with regards to financial technology. The types of businesses that are affected in this sector include online marketplace lenders such as bitcoin and blockchain technology, money management applications such as Mint, digital wallets, money transmitters like Venmo, and more.
The majority of the changes are in the area of controls and regulations, with a specific intent of encouraging growth and expanded access to credit through online marketplace lending. The Financial Services Innovation Act, introduced by Patrick McHenry in 2016, hopes to “encourage those with interesting and innovative ideas to come to the regulators to try to ensure a compliant product.” The bill is far from complete and Trump’s administration intends to create “drastic changes in regulatory compliance requirements.
My Thoughts:
With Trump’s new presidency, there has been an overwhelming amount of dissent in his proposed policies. While most did not have definitive terms during his candidacy, his recent election should have sparked the administration to roll out the action plans. Trump seems to have good intentions, but it’s now up to him to determine how to act to get the nation on his side.
Source: http://thehill.com/blogs/pundits-blog/finance/312047-financial-technology-rules-are-set-to-change-in-the-trump-era