The US Securities and Exchange Commission (SEC) announced yesterday the launch of a new avenue for the public to engage with the commission on issues related to financial technology (FinTech).
The effort, dubbed FinHub (or “the Strategic Hub for Innovation and Financial Technology,” if you want to get proper) will be led by Valerie A. Szczepanik. Szczepanik was appointed senior advisor for digital assets and innovation for division director Bill Hinman, and associate director of the division of corporate finance, in June of this year.
According to the SEC, FinHub is a consolidation and extension of efforts heretofore distributed across several SEC FinTech-related working groups. The hub appears designed to transmit information between the public, tech innovators, and domestic and international regulators.
The release specifies that FinHub will “provide a portal for industry and the public to engage directly with SEC staff on innovative ideas and technological developments.” It will also act as a way for the agency to communicate its “activities and initiatives involving FinTech.” Especially helpful to those in the blockchain space, starting some time in 2019, the hub will include a “FinTech Forum focusing on distributed ledger technology and digital assets.”
SEC Chairman Jay Clayton said:
“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 SEC has made strides to engage with the public on the topics of blockchain and cryptocurrency technology in the past. In August it issued a public statement warning the public of the dangers of staking their retirement entirely on digital currency.