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Regulatory Series On Cryptocurrencies: US-SEC’s Finhub To Organize Virtual Meet-Ups Amid Pandemic Covid-19
The US regulatory watchdog, SEC (Security Exchange Commission) unveils virtual meetups for fintech participants. The fintech wing of SEC calls for innovators to build their robust network.
FinHub, the U.S. Securities and Exchange Commission’s Strategic Hub for Innovation and Financial Technology announced the launch of virtual peer-to-peer meet-ups (P2Ps). These meet-ups offered members of FinTech communities the opportunity to speak in person with FinHub staff at locations throughout the country to discuss general issues, specific questions, or make presentations about their work.
The regulatory authorities establishing inhouse Fintech body is no new thing. The recently organized event by CFTC’s Fintech-wing LabCFTC targets to widen the range of the CFTC’s registration deficient list, through various criteria in name of “RED List,” where the list appears to be ranging over 150 entities that the regulator has figured out the aims of providing a resource to investors.
The CFTC reckons ‘Digital Assets and Blockchain Domain’ breeds principles-based regulation over rules. The Commodity Futures Trading Commission (CFTC) has also come up with the new insights of important role to play in determining as to how the new products and technologies evolve, and ‘LabCFTC’ was launched as a result.
Likewise, FinHub staff recognizes the present challenges and difficulties with individual meetings and travel posed by COVID-19. FinHub staff, nonetheless, continues to be highly interested in meeting with FinTech industry participants to help inform regulatory approaches and engage on particular projects and issues. To facilitate ongoing communications, FinHub will host a series of thematically-based virtual P2P meet-ups over the next few months. During each series, FinHub staff will meet virtually with innovators, entrepreneurs, or firms that wish to discuss issues related to that series’ theme.
The first theme is regulatory technology (RegTech). Financial services firms are increasingly turning to technological innovation to strengthen and add efficiencies to their regulatory compliance programs.
Cryptocurrency instruments, including payments & derivatives products have been under the meticulous scanner of the renowned global regulators, such as, US SEC, CFTC and UK’s Financial Conduct Authority (FCA), such constructive developments ensure the industry proper control points.