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Dive Newsdesk: Fintech innovation sharpens need for regulatory clarity, MoFo partner says

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In this video from Money 20/20., Avy Mallik speaks with Caitlin Mullin about this pivotal time for financial services regulation....

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In this video from Money 20/20., Avy Mallik speaks with Caitlin Mullin about this pivotal time for financial services regulation. In the conversation, Avy emphasized that while the Genius Act—passed in July—shows the federal government’s direction for digital asset regulation, states will also play a leading role. He highlighted California’s new crypto licensing framework, set to take effect July 1, 2026, covering exchanges, digital wallets, stablecoin issuers, and kiosks, which he helped shape with state leaders.<a href="https://www.bankingdive.com/news/dive-newsdesk-fintech-innovation-regulatory-clarity-morrison-foerster-mallik-money2020/804565/" target="_blank">Watch the interview on Banking Dive</a>.

Dive Newsdesk: Fintech innovation sharpens need for regulatory clarity, MoFo partner says

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Avy Mallik is a partner in Morrison Foerster’s Financial Services Group. His practice focuses on financial services regulation and enforcement, with a particular emphasis on emerging technologies, including fintech, artificial intelligence (AI), and digital assets. Avy advises banks, fintechs, and other financial institutions on a broad range of financial regulatory issues, including consumer protection, investor protection, payments, money transmission, banking law, BSA/AML compliance, financial privacy, and the use of emerging technologies in financial services. Before joining Morrison Foerster, Avy served as General Counsel to the California Department of Financial Protection and Innovation (DFPI), where he oversaw the office’s Legal Division, Securities Regulation Division, Broker Dealer and Investment Advisor Division, and Digital Financial Assets Law Division. In his time as General Counsel, Avy has overseen landmark legislative and regulatory initiatives, including the drafting and implementation of California’s Digital Financial Assets Law, and he has managed high‑profile enforcement and policy responses to major bank failures and emerging fintech issues. Previously, he served as Director of Fintech Policy for the Financial Services Committee at the U.S. House of Representatives, where he was Senior Counsel from 2019 to 2021. He was Assistant Attorney General for the Consumer Protection Division of the Office of the Maryland Attorney General from 2018 to 2019 and Director of the Foreclosure Prevention Program and Foreclosure Prevention Staff Attorney at Civil Justice from 2013 to 2018. Avy is regularly invited to speak on legal and policy issues related to financial innovation and has testified before legislatures and briefed state, federal, and international policymakers on emerging regulatory challenges related to fintech products, digital assets, and AI. Avy earned his J.D. from Georgetown University Law Center in 2012. He earned his B.A. in English Literature from Reed College in 2007.