Licensing Regulation

In the fall of 2016, the Office of the Comptroller of the Currency (OCC) announced it would establish a framework for “responsible innovation” aimed at fintech firms and banks that are implementing new technologies to test innovative products and services (e.g., blockchain, digital currencies). The move follows similar initiatives—known widely as creating “regulatory sandboxes”—being conducted by international regulators in countries such as the UK, Singapore and other jurisdictions.

Regulators say they are attempting to create an environment in which companies can test new products and business models without worrying about the regulatory consequences, but fintech companies say this may beg the question whether these new regulatory regimes could, in fact, curtail innovation.

In this video, James Jockle, Chief Marketing Officer at Numerix, seeks clarity on the issue by interviewing Lee Schneider, Head of Fintech at international law firm Debevoise & Plimpton LLP.

Disclaimer: Nothing herein is intended to create an attorney-client relationship with Debevoise & Plimpton LLP or with any lawyer at Debevoise & Plimpton LLP. You should not rely on the content of this interview as a source of legal advice.