Regulations for fintech companies need to emphasize the fin, not the tech.
and identity theft en masse). In transferring users’ financial data from its safer, legally-protected home at the bank to the unruly data services market, these companies are exposing users to risks they are likely not even aware of.This calls for lawmakers to bring fintech under the umbrella of existing financial regulations, creating fintech regulation that emphasizes “fin” over “tech.
While the fintech sector has the potential to make our financial lives more convenient, efficient, and, it needs to be appropriately regulated so that the risks presented to consumers do not outweigh the rewards. Closing the fintech loophole is necessary to redress current ambiguity and create a more unified, commonsense regulatory landscape. Otherwise, we can say laissez farewell to our financial
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