After the SEC rejected a few Bitcoin ETFs and has been “wandering” around and chasing cryptocurrency companies, the regulatory body has decided to open a special office to deal with all crypto-related projects.
The so-called Strategic Hub for Innovation and Financial Technology (FinHub) will be a connecting point between the SEC and the cryptocurrency industry, making it possible for entrepreneurs and fintech experts to communicate with the securities regulator to better understand the growing market.
More specifically, the SEC has been interested in understanding more about AI, blockchain, the distributed ledger technology and digital finance. To tackle these topics, the SEC will be relying on discussion and special groups that consist of experts and entrepreneurs.
FinHub will publish information form the SEC, but at the same time, interested parties will be able to ask questions about the current and upcoming regulatory changes related to the fintech industry.
The new office will be run by Valerie Szczepanik, the SEC’s senior advisor for digital assets and innovation. The other part of the team will consist of people who have had some experience in fintech-related concepts.
Jay Clayton, the SEC chairman, commented on the new office:
“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.”