- The SEC has announced the opening of FinHub, a resource center for blockchain, artificial intelligence and cryptocurrency.
- This comes weeks after a letter was sent to the SEC by lawmakers asking for more to be done for the blockchain industry.
- The hub will provide information and resources for blockchain-related issues.
A Welcome Move
The US Securities and Exchange Commission (SEC) has come under scrutiny in the past for not giving enough attention to the blockchain and cryptocurrency industry.
For a good amount of time, there were no definite laws and regulations with regard to cryptocurrency and blockchain which left many in the industry at a loss for what to do.
A few weeks ago, a group of Lawmakers sent a letter to the SEC requesting that they create definitive laws and resources to address the issues being faced by members of the blockchain community.
It seems the SEC has listened to the complaints and steps are now being taken to correct this as the SEC has now announced that it has created a Strategic Hub for Innovation and Financial Technology (FinHub).
The purpose of the hub is to help educate and inform the public on the SEC’s stances towards distributed ledger technology, cryptocurrency digital marketplace financing and artificial intelligence.
The Hub is headed by Valerie A. Szczepanik, Senior Advisor for Digital Assets and Innovation and Associate Director of the SEC’s Division of Corporation Finance.
“SEC staff across the agency have been engaged for some time in efforts to understand emerging technologies, communicate the agency’s stance on new issues, and facilitate beneficial innovations in the securities industry. By launching FinHub, we hope to provide a clear path for entrepreneurs, developers, and their advisers to engage with SEC staff, seek input, and test ideas.” Szczepanik said.
According to the official announcement, one of the key areas to be addressed by the hub will include providing resources for fintech entrepreneurs and those interested in launching ICOs.
“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. “ Said SEC Chairman Jay Clayton about the new development.
He also said that the Hub was focused on keeping up to date with new developments in the industry and making sure they follow SEC guidelines.