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Lawmakers and industry urge uniform rules, sandboxes and clarity for fintech scaling
Summary
Members pressed witnesses on the costs of 50‑state licensing, the promise of regulatory sandboxes, and questions about fintech access to Federal Reserve payment rails; witnesses urged uniformity, predictable rules, and appropriate AML/KYC safeguards.
Members of the House Financial Services Subcommittee used the hearing to probe structural barriers that can impede fintech startups from scaling, and to weigh policy responses such as regulatory sandboxes and clarified access to central bank services.
Jody Kelly of the Electronic Transactions Association and other witnesses described the current state licensing environment as a costly patchwork for startups. Kelly told the committee that complying with numerous state transmitter…
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