The U.S. Securities and Exchange Commission (SEC) is setting up a dedicated office to review crypto-related filings. The securities regulator emphasized the need to “provide greater and more specialized support” for crypto assets.
Two new offices dedicated to crypto
The decision comes in the face of an influx of filings from cryptocurrency issuers in the United States.
The U.S. Securities and Exchange Commission (SEC) thus announced Friday its intention 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 established later this fall.
Renee Jones, director of the Division of Corporation Finance, explained the project:
The creation of these new offices will allow DRP to strengthen its focus in the areas of crypto assets, financial institutions, life sciences and industrial applications and services and will facilitate our ability to fulfill our mission.
The two new offices will join the agency’s seven existing offices that “provide focused review of issuer filings. In addition, the SEC noted that these offices are grouped by industry expertise and will report to the Disclosure Review Program (DRP) of the agency’s Division of Corporation Finance.
To better focus its resources and expertise to solve problems
Assigning firms and filings to a single office will allow the DRP to better focus its resources and expertise to address the unique and evolving issues of reviewing crypto asset filings.
SEC Chairman Gary Gensler said Thursday:
Of the nearly 10,000 tokens in the crypto market, I think the vast majority are securities. The offerings and sales of these thousands of crypto security tokens are covered by the securities laws.