U.S. Securities and Exchange Commission announced the launch of Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub is to provide a portal for the public to engage directly with the SEC on technology related to blockchain/DLT.
Finhub For Fintech
The financial hub will replace the already existing working for groups at SEC in financial markets sectors like
- Automated investment advice,
- Digital marketplace financing,
- Artificial intelligence
- Machine learning
According to the SEC’s website,
FinHub will play an important role in facilitating the SEC’s active engagement with innovators, developers, and entrepreneurs. In addition to being a resource for information about the SEC’s views and actions in the FinTech space, FinHub is also a forum for engaging with SEC staff.
This move comes amidst the crackdown on ICO in the US, the FinHub will be lead by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s division of corporation finance.
And as per the Jay Claton, SEC Chairman FinHub will serve as a liaison to other regulators domestic and international. However, to which Ms. Szczepanik agreed to say,
SEC staff across the agency have been engaged for some time in efforts to understand emerging technologies….By launching FinHub, we hope to provide a clear path for entrepreneurs, developers, and their advisers to engage with SEC staff, seek input, and test ideas.
The hub will help budding entrepreneurs and investors get in touch with new regulations related to cryptocurrency and ICOs. And the Hub provides a platform to discuss these regulations, to which some part of the public is rebuking due to harsh ICO crackdown. The people aren’t completely happy with how the SEC or CFTC is handling this nascent technology. Especially with the ICO regulations and pending ETF approvals. Moreover, this hub hopes to help with such problems.
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