This perspective was embraced by Congress in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), which directed federal banking and market regulators to add to their existing mandates the responsibility for protecting financial stability. Dodd-Frank provided numerous new authorities for executing this new mission. 1  Bank Holding Company Act of 1956, as amended, 12 U.S.C. §§1841–1850. 2  12 U.S.C. §371c.
The key difference is that important innovation is happening outside the traditional financial system, often supplied by non-financial entities such as BigTechs, traded on unregulated platforms and transferred on ordinary computer networks globally. Crypto-asset markets are a case in point. The FSB has been monitoring crypto-asset developments since 2018.