The United States Securities and Exchange Commission (SEC) is setting up a dedicated office to review crypto-related filings. The securities regulator stressed the need to “provide greater and more specialized support” for crypto assets.
SEC Dedicated Crypto Office
The U.S. Securities and Exchange Commission (SEC) on Friday announced plans to create two new offices to review 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 year. fall.
The two new offices will join the agency’s seven existing offices that “provide focused review of documents filed by issuers,” the SEC detailed, noting that these offices are grouped by industry expertise and will fall under the review program of disclosure (DRP) of the agency’s corporate finance division. .
“The Office of Crypto Assets will continue the work currently being done across the DRP to review filings involving crypto assets,” the securities regulator said, adding:
Bringing companies and filings to one office will allow the DRP to better focus its resources and expertise to address unique and evolving file review issues related to crypto assets.
Citing recent growth in the crypto market, Renee Jones, Director of the SEC’s Corporate Finance Division, explained that the regulator “saw the need to provide greater and more specialized support to the DRP’s finance office. “. She issued the following opinion:
The creation of these new offices will allow the DRP to focus more on the areas of crypto assets, financial institutions, life sciences and industrial applications and services and will facilitate our ability 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. The offers and sales of these thousands of crypto security tokens are covered by securities laws. He pointed out, “I have instructed SEC staff to work directly with contractors to have their tokens registered and regulated, where appropriate, as securities.”
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