The U.S. Securities and Exchange Commission (SEC) has announced the launch of a Strategic Hub, that will be responsible for Innovation and Financial Technology (FinHub). The new division of the regulator will make the life of blockchain and fintech simpler, as it will navigate the legal implications of their products. According to the press release, FinHub department will take on itself all the communication with entrepreneurs and developers duties, in particular with groups focusing on distributed ledger technology (DLT), automated investment advice, digital marketplace financing, and artificial intelligence (AI). Startups that launch ICOs will also have to deal with the new department.
Among Strategic Hub’s duties will be the task to share all the information regarding the sector produced by SEC, the team will also have to reply and clarify all the questions that will appear from the market participants regarding it. The new department will communicate with their foreign colleagues and other U.S. regulators, to join forces in developing the area. Additionally, FinHub will host a FinTech Forum focused specifically on DLT and digital assets next year.
To manage the Strategic Hub, SEC assigned a senior advisor for digital assets and innovation, Valerie Szczepanik. She and the team of SEC officials, who previously had an experience working on fintech-related issues will be the staff at the department.
"SEC staff across the agency have been engaged for some time in efforts to understand emerging technologies, communicate the agency's stance on new issues, and facilitate beneficial innovations in the securities industry," said Ms. Szczepanik.
She added, that by launching FinHub, the SEC hopes “to provide a clear path for entrepreneurs, developers and their advisers to engage with SEC staff, seek input and test ideas.”
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