“A great step by the SEC to help guide the industry and the public through the issues associated with the development of FinTech,” notes Richard Levin.
The U.S. Securities and Exchange Commission today announced the launch of the agency's Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as a resource for public engagement on the SEC's FinTech-related issues and initiatives, such as distributed ledger technology, digital assets, automated investment advice, digital marketplace financing, and artificial intelligence/machine learning.
The FinHub will:
Provide a portal for industry and the public to engage directly with SEC staff on innovative ideas and technological developments;
Publicize information regarding the SEC's activities and initiatives involving FinTech on the FinHub page;
Engage with the public through publications and events, including a FinTech Forum focusing on distributed ledger technology and digital assets planned for 2019;
Act as a platform and clearinghouse for SEC staff to acquire and disseminate information and FinTech-related knowledge within the agency; and
Serve as a liaison to other domestic and international regulators regarding emerging technologies in financial, regulatory, and supervisory systems.
The SEC's FinHub will be led by Valerie A. Szczepanik, Senior Advisor for Digital Assets and Innovation and Associate Director in the SEC's Division of Corporation Finance, and staffed by representatives from the SEC's divisions and offices who have expertise and involvement in FinTech-related issues.
SEC Chairman Clayton noted “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.”