In a signal that FinTech entrepreneurs really aren't just going to police themselves, the United States Treasury Department seems poised to actually involve itself in the operations of a business sector that is currently handling billions of American dollars.
The Treasury Department's Office of the Comptroller of the Currency is considering new regulations for banks and fintech companies, in light of how digital disruption is changing the financial services industry.
Haha. Not so fast, tech bro villains! You're not gonna catch these G-Men napping!
The agency has set a deadline of May 31 for comments before it moves forward in developing a framework to update financial technology regulations. Now, as funding for companies developing mobile technology and displacing banks has hit another new peak, the implications of the OCC's announcement will reach from Wall Street to Silicon Valley.
That's right Bitcoin pirates, you've only got a matter of months before the US Treasury Department begins to start to formulate a way to get a real handle on what it is you're up to exactly.
Justice is coming!...Eventually.