SEC chair seeks to disband US financial tech innovation hub

'Targeted, common-sense reorganisations'

Chair of the Securities and Exchange Commission (SEC) Paul Atkins is looking to dissolve the department overseeing emerging financial technologies across numerous areas, including artificial intelligence (AI) and machine learning.

During his testimony to the US Senate Appropriations Subcommittee on Financial Services and General Government on Tuesday (3 June), Atkins said that there would be "targeted, common-sense reorganisations" at the SEC, which included shuttering this department. He reasoned that innovation "should be ingrained into the culture SEC-wide and not limited to a relatively small office". Crypto enthusiast Paul Atkins pledges to make US 'most secure' market as he is sworn in as SEC chair FinHub was established in 2018, in what Atkins called a "critical period of emerging technologies" and be...