U.S. Securities and Exchange Commission is establishing a new office that will review filings related to crypto. The securities regulator stressed the need to “provide greater and more specialized support” for crypto assets.
SEC’s Dedicated Crypto Office
On Friday, the U.S. Securities and Exchange Commission announced its intention to create two offices in order to receive and review all filings. One is an “Office of Crypto Assets” and the other is an “Office of Industrial Applications and Services,” the regulator said, adding that it expects both to be set up later this fall.
The two new offices will join the agency’s seven existing offices that “provide focused review of issuer filings,” the SEC detailed, noting that these offices are grouped by industry expertise and will be under the agency’s Division of Corporation Finance’s Disclosure Review Program (DRP).
“The Office of Crypto Assets will continue the work currently performed across the DRP to review filings involving crypto assets,” the securities regulator clarified, elaborating:
By assigning filings and companies to one office the DRP can better concentrate its resources to tackle the complex and changing filing review questions related to cryptocurrency assets.
Citing recent growth in the crypto market, Renee Jones, director of the SEC’s Division of Corporation Finance, explained that the regulator “saw a need to provide greater and more specialized support in the DRP’s Office of Finance.” She opined:
This will allow DRP, which is a non-profit organization, to focus more on areas such as crypto assets and financial institutions. It will also help us to fulfill our mission.
SEC Chairman Gary Gensler said Thursday: “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.” He emphasized: “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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