SEC Launches ‘Strategic Hub’ to Support Crypto Startups and Fintech Innovation
The US Securities and Exchange Commission (SEC) announced today that they are launching the Strategic Hub for Innovation and Financial Technology (FinHub) to engage with cryptocurrency and blockchain startups.
The division will make it easier for fintech startups to interact with the regulator on related issues and the legal implications of products before they launch them. Including ones which are getting their funds via Initial Coin Offerings (ICOs) to understand the legal implications of their products.
They will act also as a central point for the securities regulator to interact with entrepreneurs and developers in the financial technology world, in particular with groups focusing on distributed ledger technology (DLT), automated investment advice, digital marketplace financing, and artificial intelligence.
The SEC’s FinHub will be led by Valerie A. Szczepanik, senior advisor for digital assets and innovation and associate director in the SEC’s Division of Corporation Finance.
The SEC chairman Jay Clayton has affirmed that the creation of this new unit will signalize that the industry is working together with the investors to regulate the market and to protect them better. According to him, the effort to monitor and engage in innovations in the securities market is important for regulation and flexibility of the industry.
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