Previewing FINRA’s Crypto and Blockchain Education Program

As member firm activity increases in blockchain and crypto assets, FINRA is launching a Crypto and Blockchain Education Program designed to empower member firm compliance and combat crypto fraud by broadening the knowledge base of member firms and associated persons.

On this episode, FINRA’s Crypto Hub Chief Jason Foye, Director of Critical Skills and Capabilities Training Rowan Job-White and Director of Continuing Education Services Genay Glasgo delve into the program’s self-paced e-learning courses and an upcoming in-person training.

Resources mentioned in this episode:

FINRA Crypto and Blockchain Education Program

Financial Learning Experience

Email: [email protected]

Email: [email protected]

Key Topics: Crypto Assets

SEC Crypto Task Force

Podcast: An Introduction to FINRA’s Crypto Asset Work and the Crypto Hub

Certified Regulatory and Compliance Professional Program

Blog Post: FINRA Forward

Listen and subscribe to our podcast on Apple Podcasts, Google Podcasts, Spotify, YouTube or wherever you listen to your podcasts. Below is a transcript of the episode. Transcripts are generated using a combination of speech recognition software and human editors and may contain errors. Please check the corresponding audio before quoting in print. 

FULL TRANSCRIPT

00:00

Ray Pellecchia: Well, the calendar on the office wall at FINRA Unscripted says autumn is approaching. And you know what that means: pumpkin spice everything! Ugh. Well, yes, it means that. But happily, that's not what we're here to talk about today. It also means back to school. And starting this fall, FINRA is launching a new Crypto and Blockchain Education Program. If you're in learning mode, you can hear all about it on this episode of FINRA Unscripted.

Welcome to FINRA Unscripted. I'm your host, Ray Pellecchia, and I'm honored to be joined by three of my colleagues sharing their expertise about FINRA's new Crypto and Blockchain Education Program. One of them is a returning guest to the podcast, Jason Foye. Jason is chief of FINRA’s Crypto Hub, and he's Vice President in the Illicit Finance and Fraud section of Member Supervision.

And we have two newcomers to the podcast: Rowan Job-White, Director of Critical Skills and Capabilities Training; and Genay Glasgo, Director of Continuing Education Services. Welcome, everyone. 

01:16

Jason Foye: Thanks, Ray.

01:17

Rowan Job-White: Thanks, Ray.

01:18

Genay Glasgo: Thanks, Ray.

01:19

Ray Pellecchia: Jason, let me start with you. Can you give us a general sense of what this is all about? 

01:24

Jason Foye: Sure, Ray, and thanks for having me again.

As you mentioned in the intro, FINRA is launching the new Crypto and Blockchain Education Program to provide our members with a comprehensive educational opportunity focused on crypto assets and blockchain technology. This new learning program is part of the broader FINRA Forward initiatives at FINRA, and is designed to enhance collective capabilities in the crypto and blockchain space as we build for the future and navigate this emerging technology and its impact on the securities industry.

At a high level, the Crypto and Blockchain education program includes self-paced e-learning courses, as well as an in-person course that will focus on application-based learning in the crypto and blockchain area that FINRA is actually developing in partnership with Georgetown University's McDonough School of Business. 

02:12
Ray Pellecchia: Thanks, Jason. You gave us a sense of the what; now tell me about the why. Why is FINRA offering this program?

02:18

Jason Foye: I think first and foremost, member firms and associated persons are engaged in blockchain and crypto asset activities. And the volume of these activities may increase materially as the regulatory landscape for crypto takes shape. We saw an opportunity here to empower member firm compliance and combat crypto related fraud by broadening the blockchain and crypto asset knowledge base of member firms and associated persons.

So just for example, by helping members and associated persons better understand these products and technologies, we can empower firms and their employees to have informed conversations with investors who may be asking questions about crypto or crypto related products—products such as exchange traded products or ETPs with exposure to spot crypto—and raising awareness of some of the key considerations and risks, as well as examples of some common crypto-related scams we see out there in the broader ecosystem right now, we can empower firms and their employees to detect and mitigate potential fraud risks, both now and in the future. 

In addition, we also saw an opportunity to be responsive to members here. As listeners of this podcast may recall, and in some previous discussions we've had on the work of FINRA's Crypto Hub that were made a significant effort in recent years to develop and deliver crypto and blockchain training to FINRA staff. In talking about these internal training programs at the FINRA Annual Conference or at other events to highlight steps that we were taking internally to ensure FINRA was prepared to fulfill its regulatory mission across a range of potential future states related to crypto regulation, member firms often asked us whether the training developed for FINRA staff was available to FINRA members.

As part of FINRA Forward, we explored how we could adapt the training content that we developed for FINRA staff to tailor it to member firms and their needs. And through that effort, we ultimately launched this new Crypto and Blockchain Education Program. 

04:22
Ray Pellecchia: Interesting. Thanks, Jason. You mentioned an in-person training. Let me turn to Rowan now and ask, Rowan, what can you tell us about that opportunity?

04:31

Rowan Job-White: Well, first, I'm excited to join the podcast as a long-time listener and first-time participant. But to your question, one part of the Crypto and Blockchain Education Program includes a multi-day, hands-on learning program that we're designing in collaboration with Georgetown University's McDonough School of Business. Listeners might be familiar with another educational program that FINRA offers in partnership with Georgetown, called the Certified Regulatory and Compliance Professional Program, or CRCP, for short.

CRCP provides an in-depth understanding of the foundation, theory and practical application of securities laws and regulation. I really love how they do this through immersive in-person course time and extensive pre-course education supporting materials and casework. It's delivered by world-renowned professors and expert faculty that come from the industry and regulators like FINRA. Another key feature of the CRCP is that it offers learners a chance to build relationships with folks from across the industry.

So we're following that highly successful CRCP model and emulating its features to build a new program focused on the ins and outs of the crypto ecosystem and blockchain technology. In the coming months, the FINRA.org website will have more information on this exciting new in-person opportunity for 2026. 

06:02
Ray Pellecchia: Thanks, Rowan, and I know that the program offers self-paced e-learning as well. What can you tell us about those courses and what they focus on? 

06:13

Rowan Job-White: Well, overall, the crypto and blockchain education program is really designed to build knowledge and skills in crypto and blockchain topics over time. As a significant part of that knowledge building, we anticipate three levels of learning that learners can take at their own pace, allowing the concepts to sink in before tackling the next topic and the next level of complexity from foundational to intermediate to advanced.

Our e-learning might feel a little different than other courses that you've taken. For example, it features an engaging storyline that weaves throughout to provide some context for the topics that are covered, as well as opportunities to apply what you learn in hands-on activities that both solidify and also further your understanding. We've also included short quizzes to self-assess your progress, and at each level of e-learning, the courses explain crypto and blockchain concepts in easy-to-understand terms. That's really important with this highly technical content. 

The program starts with several foundational e-learning courses that teach common terminology used in the crypto industry. Also, the flow of a simple crypto asset transaction and how blockchains work. Then we build on these baseline concepts by delving into some of the topics that Jason just mentioned, such as types of crypto assets and crypto related products that are in the marketplace, how the crypto market operates, and common fraud typologies that exist in the crypto sphere.

We wrap up the foundational e-learning with a course on business activities that we've seen our member firms and associated persons engaging with within the crypto space. Listeners may have read about some of these in the crypto sections of FINRA's annual Regulatory Oversight Reports. And lastly, we'll cover some key considerations and risks for member firms who are engaged in these crypto related business activities to keep in mind. Through these foundational courses in the Crypto and Blockchain Education program, we really aim to set our member firms up with the knowledge they need to better navigate the rapidly evolving landscape of crypto assets and blockchain technology. 

08:36

Ray Pellecchia: Thanks, Rowan. I know some of our colleagues have taken some of the internal versions of these classes, and spoken very highly of it.

08:44

Rowan Job-White: Thank you, Ray.

08:46
Ray Pellecchia: Let me turn over to Genay now. Genay, how does the new program figure into FINRA’s Financial Learning Experience for the member firms? And what other kinds of opportunities does that platform provide? 

08:57

Genay Glasgo: Great question, Ray. The crypto program’s e-learning courses will be available through FINRA's Financial Learning Experience Platform or FLEX for short, which launched in July 2024. FLEX is a centralized continuing education platform that FINRA member firms have the option to leverage as a tool for delivery of their firm element training programs or other training needs.

There are over 80 e-learning courses available in the catalog today. The courses currently in the catalog are created internally by FINRA, and they're based on topics from FINRA's annual Regulatory Oversight Reports, or the topics are requested directly by member firms. As Rowan referenced, crypto has been included in FINRA's annual Regulatory Oversight Report, and as Jason mentioned, the crypto and blockchain education program was based on member firms requesting training on this content. So for both these reasons, the FLEX platform is a natural fit for the crypto education program. 

09:55

Ray Pellecchia:
It sounds like it. Genay, tell us more about how people can sign up, and when. 

10:00

Genay Glasgo: Sure, I'd love to. FINRA member firms can subscribe to the FLEX platform using FINRA Gateway. The firm's Super Account Administrator, also known as the SAA, can grant access to the Financial Learning Experience Dashboard to the firm's training coordinator or their continuing education administrator.

Once that access has been provided, that individual can then subscribe on the firm's behalf to the FLEX platform. In addition to that, they'll have access to view all the courses in the FLEX catalog, which will include the crypto training program foundational courses beginning this month. Firm subscriptions can be submitted at any time during the year, and they're valid until December 31st.

There's no cost to a firm to subscribe, but billing does occur quarterly based on course launches by the firm's learners in the previous quarter. The crypto training program foundational courses will be available to subscribing member firms for assignment to any of their learners beginning in October. 

11:00

Ray Pellecchia: Very good. Thanks, Genay. Jason, coming back to you. How does FINRA have the expertise to put together courses such as these?

11:08

Jason Foye: I think as a self-regulatory organization, and coming from the perspective of all the work that FINRA has done these past several years at ensuring that is prepared for the rapidly evolving space and ensuring that we can fulfill our regulatory mission regardless of what the ultimate landscape for regulation of crypto looks like, has really put FINRA uniquely positioned to bring together the right expertise to develop and deliver this sort of training.

One aspect of that is the subject matter expertise, and certainly FINRA has been able to bring folks into the organization in recent years who have experience and expertise in the crypto and blockchain industry that have been absolutely critical in helping us develop both our internal training and these external training courses that our members will soon have access to.

This includes staff from the Crypto Asset Investigations team within Member Supervision, the Crypto Asset Surveillance team within Market Regulation, and the Blockchain Lab within FINRA’s Regulatory Economics and Market Analysis Department, or REMA. I know we talked about a number of these teams in recent podcasts, so interested listeners can go back and check those out if you want to hear more about those teams and what they do.

But when you combine that experience and expertise with other subject and legal policy experts at FINRA who have incredible knowledge on the securities markets and the securities regulations more broadly, as well as the expertise of folks in our Training and Member Relations and CRED [Credentialing, Registration, Education and Disclosure] programs that really understand how to develop effective training that meet the industry where it is. You have the ability to create a training program that really meets the needs of a moment like this. 

12:47

Ray Pellecchia: Understood. Thanks for explaining, Jason. Coming back to you, Rowan: what's next for member firms on this? 

12:54
Rowan Job-White: Well, as Genay mentioned, the foundational e-learning courses are scheduled to launch next month. Our call to action is really to encourage member firms to take the courses and give us feedback.

This is a fast-moving space, and we expect that we'll continue to evolve the program to meet the needs of our members. As the regulatory landscape evolves, we’ll assess what's been delivered and what's in development to ensure that we're able to fulfill our goal. So feedback from the industry on the training will be incredibly valuable. This can include what you like, what you don't like, and what you'd like to see in future courses that we deliver.

In FLEX, we've included a survey to collect that feedback right after you complete each course so it's fresh in your mind. And if you have questions or feedback for us at any time, feel free to email us at [email protected]. We take your feedback very seriously. 

13:52
Jason Foye: I couldn't agree more. Just in reflecting back on the last several years, one of the things that really made our internal training program a success was the feedback loop that Rowan and her team and others created with learners to continuously update and enhance the training over time.

And we're looking forward to creating the same type of feedback loop with our members as we navigate this evolving space together. The other point I just want to re-emphasize, you've heard us say this a few times in the podcast, is just noting that this is a rapidly evolving space, and FINRA is actively monitoring this area to understand market, legislative and policy developments.

But regardless of what regulatory landscape for crypto takes shape, education and awareness is going to be critical for both FINRA and its member firms as we build for the future, and listeners should be aware that FINRA will update the crypto and blockchain education program over time as needed based on these market, legislative and policy developments. 

But I'd also just encourage listeners to do the same in terms of monitoring developments in this space. And some resources to be aware of include the crypto assets key topics page on FINRA.org that serves as a central landing page for FINRA-related notices, guidance, news releases and investor education materials, as well as the SEC Crypto Task Force's website and other publicly available resources. We can point to these sites and some of the resources we mentioned throughout the discussion today in the show notes for listeners to check out at their convenience.

15:24

Ray Pellecchia: Very good. Genay, a final question, over to you. You mentioned that the Financial Learning Experience platform launched last year. Where can listeners go to learn more about all the training you mentioned—80 classes plus available now—and what's coming up in the future? 

15:41

Genay Glasgo: Absolutely. More information is available about both FLEX and the Crypto and Blockchain Education program on FINRA.org under the Events and Training section. Listeners can also go directly to FINRA.org/events-training/flex. And I encourage listeners to email [email protected] or [email protected], as Rowan mentioned, for any assistance with any questions they have. 

16:11

Ray Pellecchia: Thanks, Genay. And yes, we'll include all of those links and the email addresses in the list of resources for this podcast episode. And Jason is going to be hosting these things soon himself, I think! He's done so many of these, he knows that line about putting the resources at the bottom of the transcript, where people could find it, to get more information. 

Thanks, Jason, Rowan and Genay; thanks for coming on and taking your time to share information about this exciting new program.

And that's it for today's episode of FINRA Unscripted. Listeners, if you don't already, please be sure to subscribe to FINRA unscripted wherever you listen to podcasts. Today's episode was produced by me, Ray Pellecchia, engineered by Declan McGeady and Carlin Petree, and edited by John Williams. And special thanks to Costis Waltz for his invaluable support. Until next time.

17:09

Disclosure

FINRA podcasts are the sole property of FINRA, and the information provided is for informational and educational purposes only. The content of the podcast does not constitute any FINRA rule or amendment or interpretation to such rules. Compliance with any recommended conduct presented does not mean that a firm or person has complied with the full extent of their obligations under FINRA rules, the rules of any other SRO or securities laws. This podcast is provided as is. FINRA and its affiliates are not responsible for any human or mechanical errors or omissions. Parties may not reproduce these podcasts in any form without the express written consent of FINRA.

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