Legal Support from the U.S. SEC is Critical for Virtual Currency Settlements...

The Securities and Exchange Commission of the United States (SEC) held a fintech forum on blockchain and digital assets in Washington, D.C., where SEC headquarters are located, on May 31st.

Experts from U.S. blockchain company R3, U.S. financial institution Fidelity, the world's top four auditors Ernst&Young and IBM participated in the panel, drawing attention as an opportunity to listen directly to industry insiders.

The issue of the fintech forum hosted by SEC was regulation. How to improve regulations while developing new technologies such as blockchain and digital assets were discussed.

Since these new technologies are heavily influenced by rules set by regulators, the industry has made many comments regarding the importance of proper regulation.

Jay Clayton, the chairman of the U.S. SEC, also participated, and he "recognizes the possibility of blockchain or virtual currency. There are many barriers, but you must not only think about what you've been through, but also what you can challenge from now on. To proceed with the new innovation, SEC must also have a clear understanding of the industry."

Meanwhile, SEC commissioner Hector Pierce explained the importance of comprehensive regulation, saying, "Even if technology is old and new, risks exist, so it is important to proceed boldly, even if they are new," adding, "We need to understand the times now and think about the future of fintech with a broader mind."

The "FinHub" of innovation and financial technology is important for the U.S. virtual currency and blockchain industry, which also seeks communication with so-called fintech companies. This is because SEC is the window for regulations and institutionalization related to fintech such as DLT technology (including virtual currency), financial advisor, digital market financial business, and AI.
FinHub's head, Valerie Szczepanik told the forum that while developing new technologies such as blockchain and virtual currencies in the future, it is impossible to miss receiving information from technicians or experts to straighten out regulations. Although it is still difficult to say enough about the readjustment of regulations or investor protection system, the revised Fund Settlement Act and the Financial Instruments Transaction Act were recently passed in Japan and will take effect in April 2020. Compared to the financial bubble in 2017, it is clear that the regulating side also stores knowledge and the system is being overhauled.

As Szczepanik said, we cannot forget about those who regulate the future and those who engage in technology. There is a need for the industry, such as the Virtual Currency Exchange, to comply with the rules.

Therefore, the virtual currency exchange and the industry have recently been reorganizing their systems. And the regulatory authorities and industries that have accumulated knowledge are in an environment where they can have a solid discussion, and we look forward to how much the forum can contribute to the soundness of the industry.

Reporter Gina Lee (news@dailycoinews.com)의 기사 더 보기

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