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FinHub arm of The SEC set to become an independent office

FinHub arm of The SEC set to become an independent office

Quick take

1 minute read

  • In an announcement, the securities and exchange commission and their financial technology team will soon become an independent office. 
  • Launched two years ago, the strategic hub for innovation and financial technology from the SEC has been the forefront of securities regulation.

In an announcement that was revealed earlier this week on the 3rd of December, the United States securities and exchange commission and their financial technology team will soon become an independent office. Launched two years ago in 2018, the strategic hub for innovation and financial technology (otherwise known as FinHub) from the SEC has been the forefront of securities regulation.

This sidearm for the SEC has been clearly quite busy the past few years as it goes after numerous initial coin offerings and other related things to the crypto industry.

Valerie Szczepanik, the leader of the hub for innovation will now be reporting directly to the chairman of the commission. For now, that is Jay Clayton who is set to stand down from his position next year but speaking on the matter, he said:

"The SEC is committed to innovation in our markets, consistent with our time-tested regulatory framework. Our action to establish FinHub as standalone office furthers our commitment to facilitate the introduction of new technologies for the benefit of investors and the efficiency and resiliency of our markets. The agency is fortunate to benefit from Val's expertise and deep knowledge in the areas of innovation, financial technology and investor protection, and I’m pleased she will continue to lead FinHub as its first director."

Director of the Division of Corporation Finance, Bill Hinman said:

"Not surprisingly, FinHub has thrived under Valerie's leadership. This move to enhance FinHub's role in leading and coordinating policy across all SEC Divisions and Offices will benefit market innovators and strengthen investor protection."

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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