The FTX fraud is a clear example of what can go wrong when regulation is not modernized and financial services are able to be offered to the public without trusted, regulated banking partners.

This is exactly why we formed the Fintech Future Coalition so that we have an entity focusing on responsible financial access that increases access to capital and fair opportunities for communities of color, as well as advocates for policies and regulations that support responsible innovation and equal access to modern financial services for all people. We believe that when managed correctly crypto currencies, Web3 and blockchain based financial services and tools present a unique opportunity to level the playing field and break down the long-entrenched barriers and biases to wealth creation in America. Our members believe that now and in the future, embracing innovation will be critical for policy makers and they should support responsible growth in these platforms.

We have seen time and again the disastrous consequences when regulation and transparency lags behind innovation and clings to the old way of doing things rather than adapting to protect those who want to participate equally in the modern economy.

We fully support the Congressional investigations and legal enforcement actions in this case but even more so, it is essential, policy makers and candidates to learn from this disastrous situation. Partnering with responsible innovators to craft smart, modern regulations can both create wealth for countless Americans and protect them from fraud and abuse. We look forward to continuing to work with our partners in Congress, the Administration and local leaders to advance these goals.

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For more information visit: https://www.fintechfuturecoalition.org

Follow us on Twitter: https://twitter.com/fintech_future

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