In line with a recent official announcement published by the U.S. SEC, the FinHubwould be operated byValerie A. Szczepanik, Senioradviserfor Digital Assets and Innovation and Associate Directorwithin theSEC’s Division of Corporation Finance. The hub aims to facilitate the SEC’s engagementwithin thefintech-related fields, including, among others, distributed ledger technology [DLT] and digital assets.It’lladditionallytake overa number ofthe tasks of existingoperatingteamscenteredon similarissues.
According to the statement, FinHub’s main objectivesinclude supplyinga portal for theindustryalong with the publicto have interactiondirectly with SEC staff, promoteinforelated tothe SEC’s activities, andwork as a liaison toalternativedomestic and international regulatorswithin thefintech field. The hubadditionally plans to run a FinTech Forum, addressing DLT and digital assets in 2019.
Szczepanikaforementionedthat “by launching FinHub,we expectto supplya transparent path for entrepreneurs, developers, and their advisersto have interactionwith SECsatff, seek input, andtake a look atconcepts.”
While adding further, SEC Chairman ‘Jay Clayton’ added:
“The SEC is committed tooperatewith investors and market participants on new approaches to capital formation, market structure, andmonetaryservices, witha watchtoward enhancing, and in noway reducing,capitalist’sprotection. The FinHub provides a centralpurposeof focus for our effortsto observeand interacton innovationswithin thesecurities markets that hold promise,howeverthatadditionallyneeda versatile, promptregulativeresponse to execute our mission.”
Following innovative developmentswithin thefintech field,alternativefinancialwatchdogs around theworld haveadditionallyrestructuredso asto more effectively regulate and monitor DLTand therefore the cryptocurrencybusinesses. Even in July, Japan overhauled itsmonetaryregulator, theFinancialServices Agency [FSA]. The new Strategy Development and Management Bureau,thatreplaced thescrutinyBureau,woulddevelop amonetarystrategy policy and handleproblemsaddressing the digital currencies market, fintech, andlaundering.Additionally, the bureau isanswerable foradministrativeduties along withthe inspection of financialinstitutions.