The US Securities and Exchange Commission (SEC) announced on Thursday, October 17, the creation of a strategic hub on innovation and financial technology (FinHub). The aim of the new division is to help fintech startups, including those involved in the organization of ICO, in the legal intricacies in promoting their products.
SEC launches new strategic hub for innovation and financial technology https://t.co/nnFrQpo1Gh
– SEC_News (@SEC_News) 18 October 2018
It is assumed that FinHub will become a link between the regulator and entrepreneurs and developers working with blockchain technologies, automated investment tips and artificial intelligence.
In particular, the new division will publish all the latest information from the SEC, as well as provide an opportunity for start-ups to ask their own questions and receive advice on the regulation of their business. In addition, FinHub will interact with other regulators both within the United States and internationally, and will also host the FinTech Forum, a specialized discussion platform dedicated to distributed registry technology and digital assets. The event is expected to be held next year.
FinHub was led by SEC Senior Advisor on Digital Assets and Innovation and Director of Corporate Finance, Valerie Shepanik. The organization's management team also included other representatives of the regulator who had previously worked with questions in the field of fintech.
“For a long time, SEC employees have been making efforts to understand emerging technologies, express the agency’s position and accelerate innovations that have practical significance for the securities industry. By launching FinHub, we hope that we will create a clear path for entrepreneurs, developers and their advisors to interact with the SEC and test their ideas, ”said Valerie Shepanik.
SEC Chairman Jay Clayton, meanwhile, noted that his department intends to work with investors and other market participants on issues such as capital formation and financial services, and will continue to pay attention to investor protection.
Earlier this month, it was reported that over the past few months, the SEC has significantly strengthened its efforts to bring companies to justice, which at one time attracted funding through primary coin offers (ICO).
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