Treasury Roundtable Focuses on Responsible and Equitable Innovation

In a Treasury hosted U.S. Financial Sector Innovation Policy Roundtable, policymakers, regulators and private sector experts discussed how innovations, such as digital identity solutions and more effective AML mechanisms, can eliminate redundancies, reduce costs, combat crime and promote financial inclusion.

Treasury Secretary Janet Yellen said such public-private roundtables could contribute to the country's ability to "out-innovate" its challenges, including the misuse of cryptocurrencies. Secretary Yellen affirmed Treasury's commitment to "responsible innovation," but also stressed equitable innovation, stating that technology used to protect against bad actors or enhance security can also benefit those who do not have ready access to financial services. Secretary Yellen characterized the two types of innovation as "symbiotic."