SEC Creates Office of Crypto Assets to Review Crypto Archives
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(Kitco News) – The US Securities and Exchange Commission (SEC) has revealed the next phase in its efforts to increase cryptocurrency regulation with the launch of the Office of Crypto Assets, which is expected to streamline the review process for documents submitted to the SEC by crypto firms.
The SEC announced the new office on Friday, which will be housed under the Division of Corporation Finance’s Disclosure Review Program (DRP) and will focus on scrutinizing corporate filings.
2022 has seen a notable increase in enforcement actions by the SEC, which has moved to improve oversight of the digital asset industry throughout the year, amid several high-profile project collapses and falling token prices.
In May, the agency revealed the formation of a Crypto Assets and Cyber Unit under its Department of Enforcement, revamping the regulator’s Cyber Unit. The move added 20 additional positions to the unit, bringing its total headcount to 50, in an effort to “enhance police misconduct in the crypto markets while continuing to identify disclosure and control cybersecurity issues.”
The new Office of Crypto Assets will be added to the Division of Corporation Finance’s Disclosure Review Program (DRP), which has long had offices to review corporate filings by issuers and is designed to “promote capital formation and protect investors.”
Along with the Office of Crypto Assets, the agency is also forming an Office of Industrial Applications and Services, which will oversee non-pharma, non-biotech and non-medical product companies. DRP expects to establish the new offices later in the autumn.
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“As a result of recent growth in the cryptoassets and life sciences industry, we saw a need to provide greater and more specialized support in DRP’s finance office and its life sciences office,” said Renee Jones, director of the Division of Corporation Finance.
“The creation of these new offices will enable DRP to increase its focus on the areas of crypto-assets, financial institutions, life sciences and industrial applications and services and facilitate our ability to fulfill our mission.”
According to the announcement, “allocating companies and filings to one office will enable the DRP to better focus its resources and expertise to address the unique and evolving filing assessment issues associated with cryptoassets.”
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