Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
US SEC Creates Separate Office to Review Crypto Archives – Regulation Bitcoin News
The US Securities and Exchange Commission (SEC) is setting up a dedicated office to review crypto-related filings. The securities regulator emphasized the need to “provide greater and more specialized support” for crypto-assets.
SEC’s dedicated crypto office
The US Securities and Exchange Commission (SEC) announced on Friday its plan to establish two new offices to review filings. One is an “Office of Crypto Assets” and the other is an “Office of Industrial Applications and Services,” the regulator said, adding that it expects both to be set up later this fall.
The two new offices will join the agency’s seven existing offices that “provide focused review of issuer filings,” the SEC detailed, noting that these offices are grouped by industry expertise and will be under the agency’s Division of Corporation Finance’s Disclosure Review Program (DRP ). .
“The Office of Crypto Assets will continue the work currently being carried out across the DRP to review registrations involving crypto assets,” the securities regulator clarified, elaborating:
Allocating companies and archives to one office will enable the DRP to better focus its resources and expertise to address the unique and evolving archival valuation issues associated with cryptoassets.
Citing recent growth in the crypto market, Renee Jones, director of the SEC’s Division of Corporation Finance, explained that the regulator “saw a need to provide greater and more specialized support in DRP’s Office of Finance.” She meant:
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.
SEC Chairman Gary Gensler said Thursday: “Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities. The offering and sale of these thousands of crypto security tokens are covered by the securities laws.” He stressed: “I have asked the SEC staff to work directly with founders to get their tokens registered and regulated, where appropriate, as securities.”
What do you think about the SEC creating a dedicated office to review filings related to cryptoassets? Let us know in the comments section below.
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