White House Agrees FinTech is the Future of Finance

Last week, White House staffers and major FinTech industry leaders met to discuss the possible interest towards financial and blockchain technology in progress new policies.

At the White House FinTech Summit, administration officials met with stakeholders in start-ups and financial institutions while representatives from Microsoft, PayPal, and JPMorgan observed the discussions.

In her blog post, Adrienne Harris, President Obama’s special assistant for Economic Policy, wrapped up the major talking points during the closed-door summit.

We spent the day identifying those areas where partnership across industries and between the public and private sectors can help advance our financial well-being and economic prosperity.

Harris pointed out the rapid growth of the technology industry and its influence in finances, such as ATMs to online brokers. However, this change is being led by the consumers and business owners who strive for convenience. One example Harris described was the use of the blockchain and virtual currency. “Imagine a time when, as a small business owner, you can accept payments online from all over the world in minutes. Or when you can send money to relatives back home instantly and automatically.” Harris wrote.

Some of the topics Harris noted were the government’s position in assisting the modernization of the FinTech industry, combining FinTech and small and medium business enterprises (SMEs), financial health, FinTech development, and the use of big data without invading one’s privacy.

Blockchain and FinTech events in Washington appear to be a common occurrence these days. In mid-May, the President’s advisors, including Google’s Eric Schmidt, met with blockchain consultants from R3CEV, Coin Center, Stanford University and MIT to discuss the potential integration of the technology. Within a week, 15 members of Congress were briefed on blockchain by the Chamber of Digital Commerce as well as stakeholders from ConsenSys, Bloq, Deloitte, and Microsoft.

The gradual acceptance, and even acknowledgement, for blockchain technology within the Beltway gave industry members an idea of where the country’s finances are going. These summits are not only important for the insiders, but also important for the everyday consumers. The sooner the government recognizes the blockchain’s potential, the rest of the country will follow.