According to Odaily, the chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, announced in a speech today that the agency has requested Congress to redistribute the approval to integrate the functions of its Strategic Hub for Innovation and Financial Technology (FinHub) into other departments of the agency. FinHub was established in 2018 during a critical period of emerging technology development. The rapid advancement of distributed ledger technology, including digital assets, artificial intelligence, and machine learning, necessitates the SEC's focused attention to deepen its understanding.
Atkins expressed his regret that FinHub is often perceived as an enforcement tool rather than a means to foster innovation. He also noted that the current structure of FinHub is too small to operate effectively and improve efficiency. He suggested that the expertise of its staff could be better utilized within other departments of the agency.#SEC