FinHub: New SEC branch office for Bitcoin regulation

Bitcoin, regulation and the SEC: The US Securities and Exchange Commission announced the launch of the Strategic Hub for Innovation and Financial Technology on 18 October. The so-called FinHub is an outsourcing of some internal departments at the SEC, which is to be relieved.

Bitcoin, crypto currencies, blockchain technology and regulation are a pair that is still struggling. New information about Bitcoin’s regulation is constantly being added to the news columns. However, a final agreement is still not in sight. A new department of the SEC is therefore to take some countermeasures in the future.

The tasks of the new Bitcoin formula review

In future, the Securities and Exchange Commission will outsource part of its work as seen here The authority, which among other things deals with regulatory issues relating to Bitcoin formula review, will be relieved of its responsibilities by the FinHub. Its tasks are:

Provision of a portal for industry and the public on which it will be possible to discuss innovative ideas and technological developments directly with SEC staff;
Provide information on the SEC’s activities and initiatives with FinTech;
Inform the public through publications and events. (Including a FinTech Forum focusing on distributed ledgers and digital assets).
To act as a platform and clearing house for SEC staff to acquire and disseminate information and FinTech-related knowledge within the Agency.
To serve as a liaison with other national and international regulatory authorities regarding new technologies in financial, regulatory and supervisory systems.
Bitcoin regulation to become more centralised in the future

Rejoicing the Bitcoin trader scam

Valerie A. Szczepanik will head the SEC’s FinHub. In addition the chairman of the SEC says about the Bitcoin trader scam: “The SEC is committed to working with investors and market participants on new approaches to capital formation, market structure and financial services to improve investor protection and not reduce it in any way. The FinHub is a key focus for our efforts to monitor and promote innovation in securities markets that are promising, but also require a flexible and rapid response from regulators to fulfill our mission.

SEC Chairman Jay Clayton.

This will make the regulation of Bitcoin and Co. somewhat more centralised in the future. Further information can be found in the official press release and on the FinHub homepage.

Phillip HorchPhillip Horch is head of the BTC-ECHO service and responsible for the structuring and planning of editorial content. He gained several years of editorial experience during his studies and then worked as a freelance journalist before joining BTC-ECHO as an editor in January 2018. Phillip holds a Master’s degree in Literature, Art and Media Studies from the University of Konstanz and the Universidad de Valpara√≠so.

Waste-free thanks to Blockchain

The Philippine authorities want to use blockchain technology in water protection. Their goal is to free the Pasig, which flows through the capital Manila, from plastic waste. For this purpose, the responsible authority Philippines’ Pasig River Rehabilitation Council (PRRC) has entered into a partnership with the blockchain companies CypherOdin and BOTcoin. Together they now want to work out a pilot project. If the project is successful, the developers want to pass on their knowledge. Follow-on candidates for similar projects are already waiting in line worldwide.

Philippines want to use Blockchain for water protection

Nile, Ganges, Amazon, Yangtze – the largest rivers in the world are also the ones that suffer most from pollution. A little-known, shorter watercourse, which has also been overflowing with plastic waste for years, is the Philippine Pasig. A cooperation of the local authorities with the blockchain companies CypherOdin and BOTcoin is now supposed to make the difference and clean the capital river.

The developers want to network river courses and banks directly with the Internet and thus continuously evaluate water quality, water levels and other data relevant for the preservation of the river. In addition, drones should help to locate the places most heavily polluted by plastic waste. Direct countermeasures are to be derived from this. CypherOdin and BOTcoin Managing Director Mariano Villafuerte describes how the technology will help:

“We will collect and evaluate data from our Internet of Things stations. This will allow us to obtain comprehensive information about where the plastic and garbage come from and, among other things, what patterns of movement they take. This allows us to develop recommendations to rid the river [the rivers] of waste.”

Preventing rivers as landfills

In addition to working directly with the water itself, the project aims to target the authors of the pollution. A comprehensive information campaign is to raise awareness of environmental pollution among the inhabitants of the river. BOTcoin wants to reward these people for collecting plastic waste with its own crypto currency.

If the project succeeds, the developers want to pass on their knowledge and rid more rivers of dirt, explains Villafuerte. In addition to other projects in the Philippines, which are plagued by plastic waste, there are probably numerous candidates for this worldwide.

Many people around the world regard rivers as a quick and easy solution for disposing of their waste. This makes them the main arteries of waste. As a result, it often ends up unhindered in the sea, polluting not only beaches but the oceans themselves.