581.01 FinTech Law and Policy
In 2016, few people had ever heard of Bitcoin or blockchain, initial coin offerings were non-existent, and U.S. financial regulatory agencies had yet to react to the emergence of non-bank financial services providers. The FinTech industry has changed dramatically since then: Bitcoin has captured the public imagination and spawned new derivatives products, you can now apply for a mortgage on your smartphone, initial coin offerings are now a viable alternative to venture capital funding, and the Office of the Comptroller of the Currency has proposed a new kind of bank charter specifically for FinTech firms.While many have focused on the technologies underpinning the FinTech revolution, less attention has been placed on how these technologies fit within the current financial regulatory framework. Understanding this framework is critical to the long-term success of any FinTech startup. While technology startups in other sectors may predicate their business on breaking rules and ignoring regulations, such a strategy is sure to fail if deployed by a FinTech firm. This is because the financial industry is heavily regulated by multiple state and federal agencies that often have overlapping authority. Being a successful FinTech firm requires more than just great technology; it also requires an understanding of the laws and regulations applicable to your business.
This course aims to provide you with that understanding. You will learn about the critical legal, regulatory, and policy issues associated with cryptocurrencies, initial coin offerings, online lending, new payments and wealth management technologies, and financial account aggregators. In addition, you will learn how regulatory agencies in the U.S. are continually adjusting to the emergence of new financial technologies and how one specific agency, the Office of the Comptroller of the Currency, has proposed a path for FinTech firms to become regulated banks. You will also learn the basics of how banks are regulated in the U.S.
If you are unfamiliar with how these new financial technologies work, fear not. We will begin each new course section with a high-level overview of the underlying technology.
Enrollment Pre-/Co- Requisite Information
Prior or current registration in a financial regulatory course (e.g., Big Bank Regulation; Securities Regulation). Please discuss with instructors if you think your prior course might be eligible
|Course Number||Course Credits||Evaluation Method||Instructor||Meeting Day/Times||Room|
Research paper, 25+ pages
|Lee Reiners||Tu/Th 2:00-3:25 PM||3000|
|Sakai site: https://sakai.duke.edu/portal/site/LAW.581.01.F19|
|Email list: LAW.581.01.F19@sakai.duke.edu|