- SEC’s Division of Corporation Finance’s Disclosure Review Program will oversee offices.
- As per SEC, it has decided to assign firms and filings to a single office.
On Friday, the United States Securities and Exchange Commission (SEC) said that it will be opening two more offices to handle crypto filings. The authority has announced plans to establish two new departments this fall: an “Office of Crypto Assets” and an “Office of Industrial Applications and Services.”
SEC’s Division of Corporation Finance’s Disclosure Review Program will oversee the new offices in addition to the seven already in existence that “provide focused review of issuer filings.” These offices are organized by sector expertise.
The securities regulator elaborated:
“The Office of Crypto Assets will continue the work currently performed across the DRP to review filings involving crypto assets.”
Step to Sort Review Concerns
In order for the DRP to better concentrate its resources and expertise on the distinct and ever-evolving file review concerns associated with crypto assets, it has decided to assign firms and filings to a single office.
Director of the SEC’s Division of Corporation Finance Renee Jones recently said that the agency “saw a need to provide greater and more specialised support in the DRP’s Office of Finance” due to the booming cryptocurrency sector.
In her opinion:
The creation of these new offices will enable the DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and facilitate our ability to meet our mission.
On Thursday, SEC Chairman Gary Gensler remarked:
“Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities. Offers and sales of these thousands of crypto security tokens are covered under the securities laws. I’ve asked the SEC staff to work directly with entrepreneurs to get their tokens registered and regulated, where appropriate, as securities.”
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