SEC Chair Proposes Integration of FinHub Functions
AI Summary
According to Odaily, the Chair of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, announced in today's speech that the agency has approached Congress with a request for reallocation of approval for the integration of its Strategic Hub for Innovation and Financial Technology (FinHub) functions into other departments of the agency. FinHub was established in 2018 during a critical period of technological development. The rapid advancement of distributed ledger technology, including digital assets, artificial intelligence, and machine learning, requires the SEC to focus its efforts on deepening its understanding.
Atkins expressed regret that FinHub is often perceived as a tool for enforcement rather than as a means to foster innovation. Additionally, he noted that the current structure of FinHub is too small to operate effectively and enhance efficiency. He suggested that the expertise of its staff could be better utilized in other departments of the agency.
