SEC Chairman Proposes Integration of FinHub Functions

According to Odaily, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins announced in a speech today that the agency has requested Congress to reallocate approval for integrating 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 efforts to deepen its understanding. Atkins expressed regret that FinHub is often perceived as an enforcement tool rather than a means to foster innovation. Additionally, he 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.