According to the December 3 announcement, the Securities and Exchange Commission's fintech team will become an independent office.
The Securities and Exchange Commission’s Strategic Center for Innovation and Financial Technology (FinHub) was initially launched in 2018 under the direction of Bill Henman, and has been a pioneering force in securities regulation as it applies to new technologies since its inception.
Given that the same timeframe has seen significant intensification in the SEC's pursuit of ICOs that it deems to be sales of unregistered securities, the fintech center has been busy.
Its transformation into a standalone office will mean that instead of reporting to the corporate finance division, Fintech chief Valerie Schipanek will now report directly to the SEC Chairman, who remains Jay Clayton for the next month. Clayton stated of the announcement:
“Our work to establish the Financial Technology Center as an independent office reinforces our commitment to facilitate the introduction of new technologies for the benefit of investors and the efficiency and resilience of our markets.”
The SEC's counterpart to the commodity market, the Commodity Futures Trading Commission, took a similar step last year in making LabCFTC a standalone office.
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