SEC Unveils New Wing To Monitor DLT Sector
The SEC from the US is the latest body to come up with a strategy meant to act as a link with the crypto world.
SEC Eases DLT Monitoring Role Through New Strategy
The United States Securities Exchange Commission has unveiled a section dubbed FinHub that will be tasked with looking into innovations and financial technology. The strategy was announced by an official from SEC on Thursday.
Valerie Szczepanik will be tasked with overseeing the operations of FinHub. Szczepanik is the current advisor for cryptos and innovations at SEC. FinHub will act as a link between SEC and fintech based operations. Most importantly, the hub will also look into distributed ledger technology and cryptocurrencies. Additionally, FinHub will immediately take over the ongoing working departments dealing in similar fields.
The main objective of FinHub is to offer a portal for the sector and also the public to interact instantly with SEC workers. It will also distribute information on SEC operations alongside acting as a link between local and global policymakers within the fintech sector. Next year, the hub plans to conduct a fintech forum.
In a statement, Szczepanik stated that in the end, they hope to offer a clear guideline for investors and developers who wish to interact with SEC. They will offer advice on inputs and ideas for testing.
According to SEC head Jay Clayton, the regulatory body is focused on cooperating with investors on structures and financial operations. He pointed out that these objectives are meant to ensure investors are protected.
Clayton added that with the launch of FinHub, they want to have a central point meant to enhance its efforts towards monitoring innovations in the exchange market. The hub will also act as an avenue for enacting flexible and relevant regulations to outline its mission.
Over the recent months, the fintech field has witnessed a number of regulators change the means of operations as a way of providing effective laws for the DLT and crypto sector. In Japan, for example, the country completely overhauled the FSA. The state launched the SDMB meant which took over the inspection department. It will be tasked with coming with a strategy meant to tackle anything related to cryptos, fintech and money laundering. The inspection bureau was also tasked with monitoring operations of financial institutions.