The SEC announced on December 3rd that its Strategic Hub for Innovation and Financial Technology, FinHub, will become a stand-alone office. Valerie Szczepanik will continue to lead the office and report directly to the SEC chair. FinHub was established “to encourage responsible innovation in the financial sector, including in evolving areas such as distributed ledger and digital assets.” In its press release, the SEC stated that “[d]esignating FinHub as a stand-alone office strengthens the SEC’s ability to continue fostering innovation in emerging technologies in our markets consistent with investor protection.”
In our view, designating FinHub as a stand-alone office elevates its importance, and thus its remit, within the SEC. FinHub’s new status should help to spur needed guidance from the SEC’s divisions with respect to digital assets, among other areas. FinHub’s webpage is available here.
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Blockchain technology utilizes a distributed digital ledger to record and track information, and can be leveraged to gain transparency and certainty in transactions ranging from cryptocurrency to supply chain tracking. This blog provides information on the legal developments surrounding implementation of blockchain technology, with an initial focus on the financial services sector.