Startup Founder has reported on a new financial technology (fintech) advisory group formed by the office of the Commonwealth Secretariat of Massachusetts, which oversees the US state securities regulator.
Among those forming the group are representatives from Boston’s Eastern Bank, blockchain startup Arwen, and legal and academic experts as well as other commercial firms. The development of digital currencies, such as Bitcoin, will also fall under the purview of this new group.
Secretary of the Commonwealth of Massachusetts William Gavin said:
“This working group includes key agents from a broad spectrum of the fintech community, ranging from innovation zones and startups to financial institutions. This collaboration will help us advise security regulators to meet the demands of this rapidly growing ecosystem.”
Arwen CEO Sharon Gooldberg insisted that this group was in no way formed to crack the whip over companies to ensure compliance with regulations. It was instead a way to provide clarity to those firms choosing to operate in the fintech space:
“Personally I would not be doing this if everything that will be generated is more action against companies in this space. Corrective actions are fine, but first we need to know the rules.”
Ethan Silver, president of brokers Lowenstein Sandler, however looked back on the fact that fintech players tend to play on the safe side, hiring teams of legal experts to ensure no laws were unwittingly violated.
Gavin has previously called Bitcoin a “product without value” although he has acknowledged that all nascent technology were “subject to changes, errors or criminal activity”, Bitcoin no less among them.
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