FinTech Regulation in the United States: Past, Present, and Future

39 Pages Posted: 2 Mar 2022

See all articles by Jillian Grennan

Jillian Grennan

Duke University - Fuqua School of Business; Duke Innovation & Entrepreneurship Initiative

Date Written: February 27, 2022


This study reviews the regulatory issues developers and users of emerging financial technologies face as use cases expand. DeFi and DAOs, which build upon advances in AI and blockchain, reduce the cost of coordinating complex financial services. Yet the efficiency gains intertwine with potential legal risks associated with liability, financial crime, dispute resolution, jurisdiction, and taxes. Regulatory solutions may include adapted definitions and safe harbors, regulatory sandboxes, self-regulatory organizations, and/or policing misleading characterizations (e.g., regarding the extent of decentralization or agreed to data uses). As it will take time for regulators to implement effective policies, stakeholders can still influence policy.

Keywords: Regulation, Rules, Securities and Exchange Commission, Commodity Futures Trading Commission, FinTech, Cryptocurrency, Tokens, Blockchain, Decentralized Finance, DeFi, Decentralized Autonomous Organizations, DAOs, Automated decision-making, Artificial Intelligence, Big Data, Data Mining, Privacy

JEL Classification: K22, K23, K24, G23, G28, G38, O38

Suggested Citation

Grennan, Jillian, FinTech Regulation in the United States: Past, Present, and Future (February 27, 2022). Available at SSRN: or

Jillian Grennan (Contact Author)

Duke University - Fuqua School of Business ( email )

Box 90120
Durham, NC 27708-0120
United States

Duke Innovation & Entrepreneurship Initiative ( email )

215 Morris St., Suite 300
Durham, NC 27701
United States

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