Bitcoin, regulation and the SEC: The US Securities and Exchange Commission announced the launch of the Strategic Hub for Innovation and Financial Technology on 18 October. The so-called FinHub is an outsourcing of some internal departments at the SEC, which is to be relieved.
Bitcoin, crypto currencies, blockchain technology and regulation are a pair that is still struggling. New information about Bitcoin’s regulation is constantly being added to the news columns. However, a final agreement is still not in sight. A new department of the SEC is therefore to take some countermeasures in the future.
The tasks of the new FinHub
In future, the Securities and Exchange Commission will outsource part of its work. The authority, which among other things deals with regulatory issues relating to Bitcoin & Co., will be relieved of its responsibilities by the FinHub. Its tasks are:
Provision of a portal for industry and the public on which it will be possible to discuss innovative ideas and technological developments directly with SEC staff;
Provide information on the SEC’s activities and initiatives with FinTech;
Inform the public through publications and events. (Including a FinTech Forum focusing on distributed ledgers and digital assets).
To act as a platform and clearing house for SEC staff to acquire and disseminate information and FinTech-related knowledge within the Agency.
To serve as a liaison with other national and international regulatory authorities regarding new technologies in financial, regulatory and supervisory systems.
Bitcoin regulation to become more centralised in the future
Rejoicing: SEC chief Clayton
Valerie A. Szczepanik will head the SEC’s FinHub. In addition the chairman of the SEC:
“The SEC is committed to working with investors and market participants on new approaches to capital formation, market structure and financial services to improve investor protection and not reduce it in any way. The FinHub is a key focus for our efforts to monitor and promote innovation in securities markets that are promising, but also require a flexible and rapid response from regulators to fulfill our mission.
SEC Chairman Jay Clayton.
This will make the regulation of Bitcoin and Co. somewhat more centralised in the future. Further information can be found in the official press release and on the FinHub homepage.