SEC establishes new division for interacting with the ICO startups

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SEC establishes new division for interacting with the ICO startups


The Commission on securities and exchange Commission (SEC), the United States creates a new division designed to make it easier for FINTECH startups, including those that carry out primary placement of coins (ICO), navigation, legal restrictions on their products. This writes CoinDesk.
The establishment of a new division called the Strategic center for innovative financial technology (financial center) was announced on Thursday. It will serve as a Central point for the interaction of the SEC with entrepreneurs and developers from the world of financial technologies, in particular with groups associated with the technology of the distributed registry, the financing of digital markets and artificial intelligence.
It is expected that the center will publish information from the SEC, and will give innovators the opportunity to ask questions and to clarify legal norms. In addition, the new unit will cooperate with other regulators (domestic and foreign) on issues related to developing technologies.
According to the SEC, the financial center will manage the senior Advisor for digital assets and innovation Valerie Sepanik, and to work in it will be those employees who previously worked on cases of financial technology.
“Certain staff from different departments SEC from time to time dealt with issues related to understanding emerging technologies, covered the Agency’s position on emerging issues and contributed to development of innovations favorable for the securities industry, said Sepanik, who is also a co-Director of the SEC division of corporate Finance. The opening of the financial center, we hope to pave a clear path for entrepreneurs, developers and their consultants to interact with the staff of the SEC, to test ideas and to make another contribution.”
The Chairman of the SEC, Jay Clayton said in a statement that it wants to work with investors and other market participants on issues like raising capital and financial services, simultaneously ensuring the protection of investors.
“The financial center will be our Central point, which will focus on monitoring and engagement with promising innovations in the securities market, which also requires a flexible and rapid regulatory response to enable them to carry out their mission,” said Clayton.

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