US SEC announces new fintech division

Posted 19 October, 2018

On October 18, Thursday, the US Securities and Exchange Commission announced a new division that would provide legal assistance to financial companies, that particularly hold ICO.

According to the news reports, FinHub, the strategic centre of innovative and financial technologies, is said to be the midpoint for the cooperation of the SEC and fintech companies/developers (distributed ledger sector and AI).

As the SEC noted, the SEC's senior advisor for digital assets and innovation, Valerie Szczepanik, is said to take the chair of the new division along with the managing board of SEC experts that used to deal with fintech sector. It is reported that FinHub is likely to post all SEC reports as well as provide companies with the form to send questions and ask for business advice regarding regulations. Moreover, the new body may cooperate with other authorities both US-based and overseas. 

"SEC staff across the agency have been engaged for some time in efforts to understand emerging technologies, communicate the agency's stance on new issues, and facilitate beneficial innovations in the securities industry," said SEC spokesperson.

Next year, FinHub is also expected to hold FinTech Forum that is aimed to gather market players and fintech experts to discuss blockchain and crypto issues.

"By launching FinHub, we hope to provide a clear path for entrepreneurs, developers and their advisers to engage with SEC staff, seek input and test ideas," commented SEC.

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19 October, 2018 13:55

← Gold prices change just slightly on Friday

Gold prices have posted slight changes at the end of the week amid US dollar rate fluctuations despite anticipated further rate increase in 2018 and stocks selloffs. On Friday, the December gold futures rose $1,231.60, staying close the yesterday's peak of $1,232.7.  As for other metals, silver futures on COMEX rose to $14.645 per troy oz. Platinum quotes gained 0.15% to 834.10, while palladium was priced at $1,072.20 (0.75% up). The fact that the US Federal Reserve considers an interest rate lift keeps playing against gold since higher rates usually affect its demand and push greenback up. Today, the US Dollar index was recorded at 95.64.

Gold prices change just slightly on Friday

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19 October, 2018 11:43

Italian budget concerns put pressure on euro →

The euro touched a weekly bottom against the US dollar at the Friday trading. With the negative statements of the European Commission regarding draft budget in Italy, the political tension seems to return to the euro area. At the end of the week, the US Dollar index rose to 95.79. Yesterday, the session was closed with the highest index since late August. The euro-to-US dollar exchange rate dropped to 1.1448. The negative dynamics is related to the recent statements of the EU, saying strong violation of the EU budget rules. Considering the majors, the sterling got stronger vs the US dollar reaching 1.3024. At the same time, Japanese yen slackened with US dollar-to-yen rate staying at 112.43 (some 0.23% up). The market is again concerned about escalating political tensions between Brussels and EU members, which consequently depressed the European currency.

Italian budget concerns put pressure on euro
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