Tomorrow, the House Financial Services Committee is holding a Hearing on Fintech. Entitled Innovation Revolution: How Technology is Shaping the Future of Finance, multiple well-known entities in the Fintech sector will share their knowledge with the Committee.
Those scheduled to testify, include:
- Denelle Dixon, CEO & Executive Director, Stellar Development Foundation
- Avlok Kohli, CEO, AngelList
- Nathan McCauley, CEO & Co-founder, Anchorage Digital
- Henry Ward, CEO & Co-founder, Carta
- Alan Butler, Executive Director, EPIC
EPIC is the Electronic Privacy Information Center. It advocates on privacy issues and issues like managing data brokers, protecting location data, AI systems, and establishing redress mechanisms for victims of data misuse and abuse.
Two pending bills are affiliated with the hearing. HR 10262, the AI Act of 2024 and H. Res 1600 – both addressing AI and financial services.
According to the committee, topics that may be covered include blockchain (digital assets/crypto), AI/ML, and ensuring that certain regulatory agencies support beneficial innovation that can help consumers and businesses.
During the Biden Administration, innovation in financial services was frowned upon. The top securities regulator, the Securities and Exchange Commission, sought to undermine the digital asset sector, and Congress was unable to pass legislation that supported Fintech – mainly due to a hostile Senate dominated by Democrats. This will all change in 2-25 as the new administration takes over, and both houses of Congress will be controlled by Republicans who are far more innovation-friendly.
The Hearing will be live-streamed tomorrow, December 4th, starting at 10 AM ET.