The U.S Securities and Exchange Commission (SEC) has unveiled a new platform dubbed as Strategic Hub for Innovation and Financial Technology (FinHub). According to chairman Jay Clayton, the new platform will foster interactive communication to spur innovation in the securities markets and the Crypto markets at large. Further, it will enable the SEC officials to monitor current trends in the Crypto markets including the general sentiments from industry players.
The US SEC is mandated with the task of maintaining public trust in the securities markets. This entails maintaining efficient, orderly, and fair markets. Its mission also involves monitoring the market environments to ensure that laws and regulations are upheld by all entities. Further, the body also formulates policies to enforce its mandated tasks for the market correction.
FinHub Will Liaise With Participants To Understand Their Perspective
The head of the new FinHub unit is Valerie Szczepanik. She alludes that the commission has been making some efforts to understand the perspective of developers in the context of the securities industry. Mostly, the areas of focus have been emerging technologies and the need to facilitate beneficial innovations in the realm of the Crypto markets. Valerie hopes that the engagements will yield concrete results when the SEC provides a clear path forward for developers, entrepreneurs, and their advisors. She promises that the SEC staff will continue to test the proposed ideas and to seek more input in their day to day operations.
The Outlook Of FinHub
The FinHub platform has a list of options that are provided on an online form that is available for visitors via https://www.sec.gov/finhub-form#no-back . The form contains options such as a request to meet an SEC official for a one-on-one discussion on a set of unlimited issues pertaining to Digital Assets and more.
Further, in recognition of the fact that Cryptocurrencies, ICOs, and Blockchain transcend boundaries, the website is also aimed at enhancing cooperation with international regulators and companies. The areas that will be covered under the international liaison will be supervisory, regulatory, and financial systems.
FinHub Is Replacing The Old Email-Contact SEC Address
The new FinHub landing page replaces Fintech@sec.gov that is the old email contact address. The address was established last year in July as part of the DAO report. This means that the SEC is seeking to be more open to ideas from external sources rather than designing policies in isolation. The impact of the move is that SEC will now be working side by side with technologists to further their ideas rather than impede their innovativeness.
The US SEC Actions Is Shaped By Important Events
The establishment of FinHub is defined by relevant events that include a hearing on Cryptocurrencies and Blockchain by the U.S. Senate Committee on Banking, Housing and Community Affairs and the selection of Elad Roisman as an SEC Commissioner by President Trump. Elad is a Republican from Maine who is pro-crypto and the Senate hearing pitted an anti-Crypto economist- Nouriel Roubini- against a pro-crypto enthusiast- Peter Van Valkenburgh. It seems that Peter prevailed and Elad is executing pro-technology initiatives.