US SEC Sets Up Dedicated Office to Review Crypto Filings

The U.S. Securities and Exchange Commission has established a special office to examine crypto-related filings. The regulator stressed the importance of providing "more and more specialized assistance" to crypto assets.

SEC's Dedicated Crypto Office

Friday's announcement by the U.S. Securities and Exchange Commission was that two new offices will be established to examine filings. The regulator stated that one office is the "Office of Crypto Assets", while the other is the "Office of Industrial Applications and Services". It also said that both offices will be established later in the fall.

These two offices will join seven other offices of the agency that "provide focused review for issuer filings," according to the SEC. They are also grouped by industry expertise, and will fall under the Division of Corporation Finance's Disclosure Review Program.

The securities regulator explained that the Office of Crypto Assets would continue to review crypto asset filings under the DRP.

The DRP will be able to assign companies and files to one office, allowing it to better concentrate its resources and expertise in order to address the evolving and unique filing review issues regarding crypto assets.

Renee Jones, Director of the SEC's Division of Corporation Finance explained that Renee Jones saw a need for more specialized support within the DRP's Office of Finance because of recent crypto market growth.

These new offices will allow the DRP to increase its focus on crypto assets, financial institution, life sciences, industrial applications, and services, and help us to fulfill our mission.

Gary Gensler, Chairman of the SEC, stated Thursday that "I believe that the vast majority of the tokens on the crypto market are securities." The securities laws cover the sale and offers of these thousands crypto security tokens. Gensler stressed that he had asked the SEC staff for assistance in working directly with entrepreneurs to register and regulate their tokens as securities.

What do you think of the SEC establishing a special office to review crypto asset filings? Comment below.

By: Kevin Helms
Title: US SEC Sets Up Dedicated Office to Review Crypto Filings
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Published Date: Sun, 11 Sep 2022 03:30:06 +0000

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