SEC Launching FinHub to Support Fintech Innovation

It seems as though the United States is finally moving towards an official stance on cryptocurrency, creating a more welcoming space for digital assets. In an announcement, the US Securities and Exchange Commission (SEC) revealed that the they are going to launch a platform to inform the public concerning crypto and blockchain technology.

Senior Advisor for Digital Assets and Innovation and Associate Director of the SEC’s Division of Corporation Finance, Valerie A. Szczepanik, will lead the new platform called the Strategic Hub for Innovation and Financial Technology (FinHub). This new project will announce the news that involve a variety of subjects in the new fintech fields, such as DLT, blockchain, cryptocurrencies, automated investment advice, digital marketplace financing and A.I. that of which concern the SEC.

FinHub will host a facet of features. It will establish a portal for the crypto community to speak directly with the SEC, as well as posting a bulletin board and host a forum on recent activities in the fintech world. FinHub will also act as a meeting point for domestic and international regulators to discuss financial, regulatory and supervisory systems.

SEC Chairman Jay Clayton commented on the project:

“The SEC is committed to working with investors and market participants on new approaches to capital formation, market structure, and financial services, with an eye toward enhancing, and in no way reducing, investor protection. The FinHub provides a central point of focus for our efforts to monitor and engage on innovations in the securities markets that hold promise, but which also require a flexible, prompt regulatory response to execute our mission.”

The unveiling of FinHub is most likely a response to a letter sent to the SEC by US lawmakers seeking a clear stance that the regulator is taking towards cryptocurrency.