It's purpose is to both interact with the public and hear their concerns over emerging technology in the financial sector, and to guide the companies launching new projects in this sector - specifically mentioning blockchain and digital assets among the issues they're ready to address.
"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." says SEC Chairman Jay Clayton.
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 "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." she added.
Launched today with the announcement is a new form on the SEC website, where FinTech based companies, including ICOs can request to speak directly with the SEC for guidance with compliance issues.
Here's why this is a big deal - currently in the cryptocurrency markets we've been doing things in reverse - an ICO will launch, and then hope they never hear from the SEC and find out they did or said something wrong.
Now, before an ICO even begins they can share their plan with the SEC - and let their investors know they've already received a thumbs up from regulators.
Author: Justin Derbek
New York News Desk
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