According to a recent official announcement, the SEC [Securities and Exchange Commission’s] fintech team will become an independent office.
Primarily launched earlier in 2018 under the guidance of Bill Hinman, the SEC’s Strategic Hub for Innovation and Financial Technology, or FinHub, has been a number one force in securities regulation as it applies to new technologies since its inception.
Given that the same timeframe has seen a serious ramping from the SEC’ pursuit of ICOs it deemed to possess been unregistered security sales, FinHub has been busy.
The shift to an independent office means instead of reporting to the Division of finance, FinHub leader Valerie Szczepanik will now report on to the SEC’ chairman, remains Jay Clayton for the subsequent month. As per the official announcement, Clayton added:
“Our action to determine FinHub as standalone office furthers our commitment to facilitate the introduction of the latest technologies for the advantage of investors and therefore the efficiency and resiliency of our markets.”
The SEC’s analog within the commodities markets, the Commodity Futures Trading Commission, made a similar move last year in making it’s LabCFTC an independent office.