SEC crypto news: SEC opens 2 new crypto offices
The United States Securities and Exchange Commission (SEC) has announced opening two new offices, bringing the number of SEC crypto departments to seven, to facilitate exclusive support for evaluating issuer filings.
One of the two new offices will solely be managing crypto assets. Its purpose will be to provide the regulatory body with a solution to the growing number of crypto issuers in the country.
According to a statement by the Securities and Exchange Commission (SEC), the newly established Office of Crypto Assets and Office of Industrial Applications and Services will operate as part of the Disclosure Review Program (DRP), which is part of the Division of Corporation Finance administers.
Both offices will focus on "providing a focused review of issuer filings". Additionally, the authority affirmed that the work done throughout the DRP to review submissions regarding crypto assets would continue to be carried out by the Office of Crypto Assets.
According to the statement, the DRP can better focus its resources and experience to solve the specific and changing filing review challenges associated with crypto assets if it assigns firms and filings to a single office.
The latest cryptocurrency news from the SEC's division of digital assets
Renee Jones, the director of the SEC's Division of Corporation Finance, explained that the rapid expansion of the cryptocurrency market had demonstrated the DRP's Office of Finance's requirement to give more substantial and specialised support. She went on to elaborate: "The establishment of these additional offices will make it possible for the DRP to strengthen its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services, and it will also make it easier for us to fulfil our purpose.
Gary Gensler, chairman of the Securities and Exchange Commission (SEC), stated last week that he had instructed the SEC staff to engage directly with business owners to ensure that their tokens are appropriately registered and regulated as securities.
The non-pharmaceutical, non-biotechnological, and non-medicinal goods developed by the Office of Life Sciences will be the primary focus of the second new office, the Office of Industrial Applications and Services.
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