The US Securities and Exchange Commission (SEC) will arrange a road trip to reach more and more crypto entrepreneurs around the country and get their feedback according to an official notice.
The SEC’s branch responsible for interactions with tech startups, known as FinHub, will visit major US cities and set up face-to-face meetings with crypto entrepreneurs.
On 26th March, the road trip will begin at the SEC’s local office in San Francisco. Next stop will be Denver.
SEC’s senior advisor for digital assets and innovation, Valerie Szczepanik, explained that FinHub staffers will not provide any legal advice during the meeting. They will only answer startups’ projects related queries. Primary purpose is to provide general guidance, maintained Szczepanik.
In the past, crypto startups have self-reported potential securities law violations to SEC. One such example is that of Gladius Network LLC, which reported irregularities itself and SEC refrained from fining the startup. Moreover, other startups which cooperated with the agency were charged relatively less.
Szczepanik stated that “Local P2P” aims at helping crypto startups to “put a human face on the regulator”. It is important to collect data regarding “friction points” directly from the stakeholders. SEC can then think about the appropriate regulatory response to those friction points, believed Szczepanik.
However, it is still unclear that how many startups will be interested in the meeting, scheduled on 26th March. According to the reports, only a few startups have provided feedback to FinHub so far.
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