BCB Group welcomes forward-looking regulatory discussions at Money20/20

Regulators and market participants at this year’s Money20/20 USA shared insights on the need for regulatory frameworks that can evolve with rapid technological advancements, ensuring that the potential of financial innovations can be responsibly and fully harnessed.

Senior figures from BCB Group attended the event in Las Vegas between 27th and 30th October 2024, where partners, clients, regulators and policymakers converged.

Gary Gensler, Chair of the US Securities and Exchange Commission, was among the featured speakers at the event, offering insights in a dedicated fireside chat.

He highlighted the need for policymakers to recognise the pace of change across financial services and to be forward-thinking and outward looking in the way they shape the regulations of the future.

“Policy making is necessary because technology is changing so rapidly,” he said. “That’s what Money20/20 is about.

“This is changing the way that people invest, how money moves around the globe, how information moves around the globe, and ultimately, the human existence itself. As markets, technology and information change, it’s critical that our rules also change for the highways of finance.”

Also in attendance at the event was BCB Group’s Chief Revenue Officer, Tim Renew, who said that policymakers have an important role to play in shaping capital markets and the financial systems of the future, while keeping all participants safe.

“Many of these talks have been insightful,” he said. “We are going into the fourth generation of crypto, so we need to consider how it has developed over time.

“We must consider how we legitimise innovative approaches while simultaneously protecting the value that people place on privacy in line with regulatory expectations.”

Renew said it was encouraging to hear regulatory representatives recognising the technology-driven change that is happening in their comments at Money20/20, particularly as BCB Group is a global business focussed on client needs and emerging opportunities.

“We are keen to emphasise that we are constantly evaluating opportunities across all global markets,” he said. “It is about deciding what to go after, and in what order.”

Gensler spoke explicitly about the SEC’s stance on crypto and offered a detailed explanation about how the regulator sees its role in shaping future policy.

“There is nothing incompatible about Satoshi Nakamoto’s innovation and US securities law. It is about protecting investors that are investing in somebody else’s project hoping for a better future,” Gensler explained.

“In our broad worldwide capital markets, they benefit from rules of the road. I am unabashedly a markets person. The public does better with some regulation in markets. You wouldn’t want to have a football game without some refs on the field. It would all break down.”

“Congress understood that in setting up the SEC and the Commodities and Futures Trading Commission – They help capital markets work, they help instil trust and bring the investing public in.”

Money20/20 was a well-timed event for BCB Group which unveiled its all-in-one stablecoin*, crypto and fiat payments product during the event.

BCB’s Flex Collect* product allows clients to set multiple ‘collect’ accounts in more than 25 crypto and fiat currencies including Circle and PayPal USD stablecoin, Circle’s EURC stablecoin, Euro, US Dollar and Sterling.

* These products and services are not available to UK retail customers

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