Who regulates fintech in USA?
Who regulates fintech in USA?
Recently, there has been a lot of attention about events in Congress and the Senate. People are paying more attention to the policies of the government recently. Who really monitors FinTech? Moreover, who is overseeing the industry. Thus, accountable for FinTech’s actions?
Currently, software companies can work on facial recognition without any government registration. However if the data of user’s facial recognition gets leaked, it can be a huge security bleach issue and created opportunities for identity thefts.At the same time, it is much harder for user’s to create another password for the facial recognition.
As a result, bills on artificial intelligence in government become introduced. Congress looks for a more progressive role to shape government around technology. Those attention to emerging technology can increase federal AI adoption. In addition, new advisory board built to focus on opportunities and challenges that AI agencies are facing.
There’s no certainty that the bill can reach the president’s desk yet. However, the trend and direction of artificial intelligence shown and regulations on emerging technology. In addition, overall FinTech compliance improves the acceptance among industries. Big technology firms are paying attention to the regulation and think good government regulation can boost the industry in the long term.
Who regulates fintech in USA?
