>Are those fintech companies under any financial regulatory authority? In the US, they need to be licensed on a state level. E.g.: they'd need to have an MTL

>Are those fintech companies under any financial regulatory authority? In the US, they need to be licensed on a state level. E.g.: they'd need to have an MTL (Money Transmittance License) in California, regulated by DFPI: https://dfpi.ca.gov/regulated-industries/money-transmitters/ https://dfpi.ca.gov/regulated-industries/money-transmitters/ So, yes, they are.