The fintech industry is well represented in the new administration of President Donald Trump. 

“What we are seeing in the U.S. and around the world is that technology and innovation are no longer niche areas but rather foundational national agendas that shape the efficiency and competitiveness of economies,” Dave Sabow, head of U.S. Innovation Banking at HSBC, told Bank Automation News.  

The following financial technology industry leaders appointed to Trump’s cabinet and federal agencies await confirmation: 

• Paul Atkins was selected as chair of the Securities and Exchange Commission. Atkins was chief executive and founder of consulting firm Patomak Global Partners, which has clients across the financial and crypto industries. 

• Fiserv CEO Frank Bisignano was named commissioner of the Social Security Administration.  

• Former PayPal Chief Operating Officer David Sacks was appointed AI and crypto czar, tasked with developing a regulatory framework to foster the growth of the U.S. cryptocurrency industry. 

These appointees are expected to pull back on regulatory reach, Isaac Wheeler, managing director of balance sheet strategy at derivative trading platform Derivative Path, told BAN.  

“Any move toward more relaxed regulatory posture — less enforcement by action, more regulatory clarity — is going to be welcomed by our [regional and community bank] clients,” Wheeler said.

On technology and innovation, the new administration will likely provide banks with more defined boundaries, Wheeler said, a strategy that will be seen as positive, especially as banks are pressured to innovate to remain competitive. 

However, this could also allow non-bank competitors to adopt more bank-like activities, he said, adding, “We’ll have to see.” 

“The job at hand is to strike the right balance of appropriate regulation to minimize unintended consequences while also creating the latitude for continued growth, experimentation and application,” HSBC’s Sabow said. 

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