The future of American fintech may hang in the balance of a pitched battle that has grown in intensity over the past four months. An obscure request for comments on regulatory standards, released by the Office of the Comptroller of the Currency (OCC) last March, has since evolved into a complex turf war between the states and Washington, DC.

This is how the article from Nik Milanovic starts.  Then his second paragraph states,

Caught in the middle is the entire online finance industry, raising the question of just what a “fintech” business really is. Though it hasn’t made many national headlines, this fight may determine the future of innovation, competition and survival in the fintech world.

Only 16 pages long, the OCC’s proposal terms financial technology (“fintech”) firms as “special purpose banks.” Several state officials have written strong objections to the proposal generally centered on who retains authority on governing these new kinds of banks.

Read the entire article here.