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The Securities and Exchange Commission announced today it is spinning out its Strategic Hub for Innovation and Financial Technology (FinHub) into a standalone office.

Since 2018 the branch has spearheaded agency efforts on responsible innovation and has been the SEC’s main lens into the world of blockchain and crypto.

Valerie A. Szczepanik, FinHub’s head, will continue on as its director as a standalone office. She will continue to report to the SEC chairman.

The idea is for Szczepanik and the office to coordinate the introduction of policy for emerging technologies across all SEC divisions and offices. FinHub will serve as the main point of analysis for new technologies as well as policy advisor

.”The scope and complexity of FinHub’s work has continued to evolve and expand as technology itself has evolved,” said Ms. Szczepanik in a statement. “This organizational shift will facilitate the agency’s agility and flexibility to work with market participants and regulators worldwide, and to encourage leading-edge innovation that will shape the intersection between the federal securities laws and technology.”

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin’s price is in a tight range Thursday while some investors are moving into ether.

Many investors aspire to hold bitcoin as a store of value, but right now the cryptocurrency is very volatile, said the head of Fidelity Digital Assets.

Quick Take

• This year the government of Sichuan — China’s biggest mining hub — seemed to officially embrace bitcoin mining farm operators.
• But competition for profits between power plants, mining farm operators and the government makes the future of this arrangement uncertain.

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The reorganization strengthens FinHub’s ability to address the digital assets space.

A sharp drop in OKEx’s trading volume and stablecoin reserves – tether in particular – may reveal an ongoing exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks.

WBTC burns picked up in November, continuing into December.

The creators of the stablecoin platform Terra are launching Mirror Protocol, a way to mint crypto assets that mimic U.S. stocks.

The hedge fund manager has 1% to 2% of his multi billion-dollar portfolio in bitcoin.

Quick Take

• Crypto’s prime brokers are expanding their businesses as more traditional investors eye crypto.
• Firms like BitGo, Coinbase, and Genesis Global are courting publicly traded companies, macro funds, and fintech firms with their services. 
• They’re also having conversations with Wall Street’s large banks. 

This feature story is available to
subscribers of The Block Daily.
You can continue reading
this Daily feature on The Block.