A regulatory framework for the era of vacuum tubes.

A white paper just out from the Milken Institute and fintech specialist Jackson Mueller says that developing a fintech hub “requires more than just a press release or a news soundbite.” It contends there must be an impetus for change that leads officials from the top down to wade into uncharted regulatory territory. After reading this report from front to back, we are more convinced than ever that not all sandboxes are created equal, that Jamie Dimon’s ongoing jawboning against existing US regulation is emboldening others to speak, and that the US will lose its fintech leadership position over the long term if it doesn’t do more to modernize its financial services regulatory framework. See pages 13-18 in the Milken report for an overview of regulatory modernization efforts around the world.

This article was published as part of Weekly Briefing No. 93