SEC to Set Up New Cryptocurrency Filing Office – Focusing on New Blockchain Regulations?
The Securities and Exchange Commission (SEC) plans to create a new office that will focus on new cryptocurrency filings that will help the public in future trades in the digital world. It plans to add to the Division of Corporation Finance’s Disclosure Review Program (DRP), which currently has seven existing offices already pressed on the matter.
SEC Adds New Offices for Crypto Filing
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The headquarters of the US Securities and Exchange Commission (SEC) is seen in Washington, DC, January 28, 2021. – An epic battle unfolds on Wall Street, with a host of characters clashing over the fate of GameStop, a struggling chain. video game stores. Late on January 27, 2021, the Securities and Exchange Commission said it was monitoring the activity.
The SEC published a release on its website focusing on two new offices that will come for their DRP, under the Division of Corporation Finance, which will focus on new cryptocurrency filings by applicants. The proposed idea will focus on adding an office for crypto-assets and an office for industrial applications and services to the said division.
According to the SEC, “to advance the division’s work to promote capital formation and protect investors. The DRP expects the new offices to be established later this fall.”
The commission is faced with significant changes in the cryptocurrency world, focusing on the evolving case of crypto in the country regarding the new assets coming to everyone.
Also read: Bitcoin Bearish? Top crypto rally ahead of Ethereum breaking $22K now
The SEC aims to protect investors
According to the SEC, it aims to protect investors and future participants in the cryptocurrency world regarding the many changes in the industry. CryptoNews reported that the new offices will improve the allocation of resources and focus on their ways to protect consumers more with new cryptocurrencies applying to submit the assets for the world.
SEC and cryptocurrency
The SEC has followed and put a significant focus on the many cryptocurrency trades that take place in the country or for companies in the United States. It aims to promote fair trade within the cryptocurrency world, and according to previous reports, illegal or fraudulent transactions in the blockchain are also under vigilance and investigation.
Certain filings regarding cryptocurrency are also a focus of the SEC, with the agency looking closely at disclosed information from various technology companies about their dealings with the public. A previous encounter was with Nvidia, particularly as it concealed the number of GPUs sold to crypto miners on its filings with the agency.
It is intended to protect the interest of the public and investors in the process, especially as the blockchain has seen significant growth in recent years.
Now it is strengthening its core to focus on more cryptocurrency filings with the proposal of two new offices, which will give more to the public and look at the future of crypto in the country. Furthermore, it aims to protect more of the general public for their future transactions within the industry, and avoid future incidents or problems.
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Written by Isaiah Richard
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