The US Securities and Exchange Commission (SEC) has announced the launch of their Strategic Hub for Innovation and Financial Technology (FinHub). Reports say this FinHub will play a multifarious role to support crypto assets, blockchain technology, and other innovative technologies.
Benefits of FinHub Launch
Experts believe the launch of FinHub indicates the US government’s new initiative to integrate cryptocurrency and financial technology in the regulatory ecosystem in a slow but gradual manner. The launch of Strategic Hub for Innovation and Financial Technology will add legitimacy and support for the innovative and blockchain technology space.
What will FinHub Do?
Associate Director of the SEC’s Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation, Valerie A. Szczepanik, is reportedly spearheading this project. Szczepanik has said the new initiative will connect as well as update the mass about the SEC’s stance and initiatives regarding Distributed Ledger Technology (DLT).
Reports say FinHub will support multifarious aspects including –
- Initial Coin Offerings (ICOs)
- Blockchain technology
- Artificial Intelligence
- Digital Marketplace Financing
- Automated Investment Advice
How will FinHub Initiate Support for Major Areas?
US SEC reportedly said that FinHub will provide support to multiple areas –
- FinHub will provide a portal. It’ll act as a platform where the public and industry can engage with the staffs of the US Securities and Exchange Commission directly. The issues that can be discussed include technological developments and innovative ideas.
- The information related to the activities and initiatives regarding fintech will be publicized through this initiative.
- This platform will be used for engaging with the public by organizing events and distributing publications. Reports say a fintech forum will be organized that will focus of DLT and other digital assets that are planned for the year 2019.
- This SEC hub will act as SEC staffs’ platform and clearinghouse. It’ll help the staffs in acquiring or disseminating information on financial technology-related knowledge within the agency.
- It will help in maintaining liaison with other regulators (domestic as well as international) related to all kinds of emerging innovative technologies in supervisory, regulatory, and financial systems.
Reports say FinHub will be a rich resource for fintech startups, entrepreneurs, and ICOs with a special focus on “Risks, Rewards, and Responsibilities”.
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