SEC Chairman Jay Clayton Issues Brief Statement on US Department of Treasury Fintech Report

Following the extensive report on Fintech published by the US Department of Treasury today, the Chairman of the Securities and Exchange Commission, Jay Clayton, issued a brief statement calling the document a valuable contribution to the SEC’s mission;

Chairman Clayton stated;

“Today, the Treasury Department issued its fourth and final core principles report on nonbank financials, fintech, and innovation. These reports clearly and comprehensively frame many of the key issues in our financial markets. The reports have informed — and will continue to inform the regulation of our markets. The Treasury reports have made an extremely valuable contribution to the SEC’s mission, and, importantly, to investors in our capital markets.”

The SEC under Clayton’s guidance has had to deal with a rising tide of Fintech innovations such as digital assets and unresolved questions about affiliated securities. The SEC must also work closely with state financial regulators, the segment that garnered much criticism from Treasury’s report, as they frequently are on the front line of enforcement actions.

The SEC is just one of a dozen or so federal agencies that touch upon financial services but it is the regulator of record for all securities issues.

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