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Last week SEC announced the readiness to fully launch FinHub, the agency’s development that is projected to fuel innovation. The tool is implemented in order to facilitate the engagement of public regarding the issues and initiatives related to FinTech. These include distributed ledger technology, digital marketplace financing, AI and machine learning, along with other issues relevant for the automation of operational procedures. It is important to note that FinHub has come to replace the functions of various internal groups at the SEC, and further their work by building on the available previous achievements.
The role of the FinHub’s leader is dedicated to Valerie A. Szczepanik, who is the Senior Advisor for Digital Assets and Innovation and Associate Director in the SEC’s Division of Corporation Finance. When it comes to staff and employees, FinHub will be mainly composed by specialists from other departments of SEC, as well as by experts that are highly engaged in FinTech related issues.
In particular, the FinHub is expected to:
The Chairman of SEC, Jay Clayton, has stated that the Commission is oriented at establishing long-term partnerships with investors and market actors, aimed at new approaches to the formation of capital, structuration of the market and financial services. The main implication of the statement is the level of commitment that SEC exhibits towards enhancing the investors’ support and involvement. The FinHub is supposed to become the actor that will help monitor the innovations on the securities markets and aid regulators in issuing prompt and flexible regulatory response.
Ms. Szczepanik expressed faith in FinHub’s potential in facilitating a better understanding of emerging technologies, and communicating the SEC’s standpoints regarding new issues. Overall, we are expected to witness new beneficial innovations being introduced in the nearest future. Hopes are that this platform will combine the efforts of SEC, entrepreneurs, developers, and other related actors of the industry in order to promote new ideas and maximize their input in FinTech.