In line with a recent official announcement published by the U.S. SEC, the FinHub would be operated by Valerie A. Szczepanik, Senior adviser for Digital Assets and Innovation and Associate Director within the SEC’s Division of Corporation Finance. The hub aims to facilitate the SEC’s engagement within the fintech-related fields, including, among others, distributed ledger technology [DLT] and digital assets. It’ll additionally take over a number of the tasks of existing operating teams centered on similar issues.
According to the statement, FinHub’s main objectives include supplying a portal for the industry along with the public to have interaction directly with SEC staff, promote info related to the SEC’s activities, and work as a liaison to alternative domestic and international regulators within the fintech field. The hub additionally plans to run a FinTech Forum, addressing DLT and digital assets in 2019.
Szczepanik aforementioned that “by launching FinHub, we expect to supply a transparent path for entrepreneurs, developers, and their advisers to have interaction with SEC satff, seek input, and take a look at concepts.”
While adding further, SEC Chairman ‘Jay Clayton’ added:
“The SEC is committed to operate with investors and market participants on new approaches to capital formation, market structure, and monetary services, with a watch toward enhancing, and in no way reducing, capitalist’s protection. The FinHub provides a central purpose of focus for our efforts to observe and interact on innovations within the securities markets that hold promise, however that additionally need a versatile, prompt regulative response to execute our mission.”
Following innovative developments within the fintech field, alternative financial watchdogs around the world have additionally restructured so as to more effectively regulate and monitor DLT and therefore the cryptocurrency businesses. Even in July, Japan overhauled its monetary regulator, the Financial Services Agency [FSA]. The new Strategy Development and Management Bureau, that replaced the scrutiny Bureau, would develop a monetary strategy policy and handle problems addressing the digital currencies market, fintech, and laundering. Additionally, the bureau is answerable for administrative duties along with the inspection of financial institutions.