SEC Sets up Standalone Office to Focus On Digital Assets Amid Rising Institutional Adoption

In a new development SEC announced a standalone office calling it FinHub that will focus on innovation and finance. SEC senior advisor for digital assets and innovation Valerie A. Szczepanik will join the office as director of FinHub and will report directly to SEC chairman.

SEC Senior Advisor for Digital Assets and Innovation Valerie … [+]

FinHub to foster Responsible Innovation in Ledger technology and digital assets

As reported by Forbes, the aim of SEC behind FinHub is to promote responsible innovation in financial industry including ledger technologies, digital assets, automated investment advice, digital marketplace financing, AI and machine learning. As per SEC chairman, Jay Clayton,

“Our action to establish FinHub as standalone office furthers our commitment to facilitate the introduction of new technologies for the benefit of investors and the efficiency and resiliency of our markets”

SEC has been very strict since the Bitcoin bull rally and ICO scams in December 2017 and was behind claiming lot of ICO projects as securities.

But, scenario has changed since 2017 and institutional adoption is at its peak for Bitcoin with many top wall street firms like MicroStrategy and Grayscale launching Bitcoin products for their clients. Bitcoin price currently is hovering near its all time high and is very near $20,000.