According to an announcement made on December 3rd The Securities and Exchange Commission’s financial technology team will have a separate office.
Originally launched in 2018 under the direction of Bill Hinman, The SEC’s Strategic Financial Technology and Innovation Center, popularly known as FinHub, has been a leader in securities regulation when it comes to emerging technology since its inception.
A significant increase has been recorded since the same period FinHub was preoccupied with the SEC’s search for initial coin offers that were viewed as unrecorded sales of securities.
Moving to a separate office This means that FinHub’s head Valerie Szczepanik will no longer report to the Corporate Finance Division, but instead will report directly to the SEC chairman, who will remain Jay Clayton for the next month. Of the announcement, Clayton said:
“Our move to establish FinHub as an independent agency reaffirms our commitment to facilitate the adoption of new technology for the benefit of investors and the efficiency and resilience of our markets.”
The SEC analogue in the commodity markets, The Commodity Futures Trading Commission took a similar move last year by making their LabCFTC an independent bureau.