CFTC Launches LabCFTC FinTech Initiative: Creates New Channel for Interaction with FinTech Companies

Sullivan & Cromwell LLP - May 22, 2017

On May 17, 2017, the Commodity Futures Trading Commission (“CFTC”) announced the creation of LabCFTC, a new initiative aimed at facilitating the CFTC’s engagement with companies in the financial technology (“FinTech”) sector and identifying emerging technologies that can enable the CFTC to carry out its mission more effectively.  LabCFTC consists of two core components: (1) the creation of a dedicated email address ([email protected]), which the CFTC has named GuidePoint, that will allow FinTech companies to engage directly with the CFTC and its staff, learn about the CFTC’s regulatory framework and obtain feedback and information on the development of innovative products and services, and (2) the launch of a new initiative (CFTC 2.0) to foster and increase the CFTC’s familiarity with FinTech and its understanding of new technology that may have application within the CFTC’s own operations.  The CFTC expects that FinTech companies will use GuidePoint to pose questions ranging from specific registration or compliance requirements to more general questions about the CFTC’s regulatory framework, but notes that feedback delivered through GuidePoint is non-binding on the CFTC.