In this report, we assess the impact of Treasury’s far-reaching but inconclusive fintech policy paper. Given its depth and the eighty recommendations it contains, we have selected issues on which Treasury’s now-stated approach will have near-term policy and market impact. We do not go into detail on recommendations related to state/federal, intra-federal, or global cooperation because much of this is outside Treasury’s jurisdiction and is, in any case, a long-standing plea with minimal impact absent congressional intervention. Notable, however, is Treasury’s commitment to work with international agencies, albeit with the objective of aligning their actions with U.S. national and competitive priorities.
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