US Regulator To Work With Cryptocurrency Startups
The US Securities and Exchange Commission (SEC) has established a new subdivision to assist fintech startups, including those involved in the organization of an initial coin offering (ICO), according to the agency's press release.
SEC launches new strategic hub for innovation and financial technology https://t.co/nnFrQpo1Gh— SEC_News (@SEC_News) 18 октября 2018 г.
The new structure of SEC was called Strategic Hub for Innovation and Financial Technology (FinHub). It should assume the role of a link between the regulatory organization and experts in the field of blockchain, artificial intelligence, and investments. Valerie A. Szczepanik, Senior Advisor to the Commission, was appointed to lead FinHub.
The unit's employees will provide consulting services in various fields of activity and answer questions from startups’ representatives related to financial regulation. FinHub will regularly publish information on the SEC activities.
The new division is required to interact with the regulatory structures within the country and abroad in other areas. Moreover, a FinTech Forum will be created, thus, customers will get an opportunity to discuss issues related to blockchain and cryptocurrencies. The first such event is scheduled for 2019.
FinHub should help entrepreneurs, developers, and their advisors to identify a direct path to interacting with the SEC and testing their ideas, Szczepanik stated.
As previously reported, SEC accused the 1pool Ltd corporation of violating securities laws.