SEC to Form Crypto Asset Filing Office
The US Securities and Exchange Commission (SEC) will add offices to its Division of Corporate Finances Disclosure Review Program (DRP), including an Office of Crypto Assets, a press release said on Friday (September 9).
The Office of Crypto Assets will do the work currently done across the DRP to review registrations involving cryptocurrencies.
The SEC said that assigning companies and registrations to just one office will help focus resources and expertise related to crypto.
The second office being created is the Office of Industrial Applications and Services, which will work with non-pharma, non-biotech and non-medical product companies currently assigned to the Office of Life Sciences. This industry has seen massive growth, so adding a new office will help DRP focus expertise for these companies.
The new offices will be among seven others undergoing issuer registrations, and the DRP said they will be established later this year.
“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.”
The SEC has addressed the issue of how to work with crypto, and recently Chairman Gary Gensler said he supported giving more crypto oversight to the Commodity Futures Trading Commission (CFTC).
Read more: SEC Chairman Gensler supports giving the CFTC more crypto oversight
PYMNTS wrote that Gensler’s rationale was to help protect investors — so regulatory bodies must work together.
“To the extent that the Commodity Futures Trading Commission (CFTC) needs more authority to oversee and regulate crypto-security tokens and related intermediaries, I look forward to working with Congress to achieve this goal consistent with maintaining the regulation of crypto-security tokens and related intermediaries at the SEC,” Gensler said.
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