Securities and Exchange Commission (SEC)

Fidelity's new company and other crypto news this week

Illustration: Rebecca Zisser/Axios

This week the U.S. Securities and Exchange Commission announced it's set up a new office focused specifically on "fintech" (including crypto-assets and blockchain tech), but that's not all the news you should know.

Catch up quick: Fidelity wants to help big cryptocurrency investors; amid growing Tether concerns, other stablecoins are having a great week; and most 2017 initial coin offerings (ICOs) are now trading below their listing price.

The SEC has a new office to deal with blockchain tech and ICOs

Illustration of wallet with binary code flowing out of it to represent digital money.
Illustration: Rebecca Zisser / Axios

The U.S. Securities and Exchange Commission is standing up the Strategic Hub for Innovation and Financial Technology to serve as a point of contact for companies working on blockchain tech or digital token sales, among other things.

Why it matters: The SEC has clearly accepted that crypto-assets, blockchain tech, and initial coin offerings (ICOs) aren't going away and it better be prepared to handle such cases. In June, it named Valerie A. Szczepanik as its first digital assets chief, who will also be heading this new office.