SEC Creates Fintech Office Dedicated to AI, Crypto and ICOs
The SEC came out today to announce the launch of a new strategic hub for innovation and financial technologies, aptly named FinHub.
SEC launches new strategic hub for innovation and financial technology https://t.co/nnFrQpo1Gh
— SEC_News (@SEC_News) October 18, 2018
According to the announcement, the FinHub will serve as a resource for multiple leading technologies, including digital assets, ICOs, automated investment advice, artificial intelligence and machine learning. As part of this service, the FinHub will act as a Clearinghouse for the SEC, while actively working to build up the public knowledge domain.
The initiative will be led by Valerie Szczepanik, a senior advisor for digital assets and innovation for the SEC. This first output of the FinHub’s digital asset efforts is expected in 2019.
“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,” said SEC Chairman Jay Clayton.[Read: Cryptocurrency Airdrops at Serious Risk of Regulatory Scrutiny]
This news comes several weeks after the SEC moved against a cryptocurrency hedge fund for violating securities law for the first time. Additionally, earlier in October, reports came out claiming the SEC has been “secretly” investigating hundreds of ICOs.
Taken together, the SEC is clearly making major strides towards improving the regulatory infrastructure surrounding the digital asset class.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.