US SEC Establishes Dedicated Office to Review Crypto Dossier – Bitcoin News Regulation

US SEC Establishes Dedicated Office to Review Crypto Dossier – Bitcoin News Regulation

The US Securities and Exchange Commission (SEC) is establishing a special office to review filings related to cryptocurrencies. The securities regulator emphasized the need to “provide greater and more specialized support” for crypto assets.

The SEC’s dedicated crypto office

The US Securities and Exchange Commission (SEC) announced on Friday its plan to establish two new filing review offices. One is the “Office of Crypto Assets” and the other is the “Office of Industrial Applications and Services,” the regulator said, adding that it expects both to be established 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 the offices are grouped by industry expertise and will be under the agency’s Division of Corporate Finance under the Disclosure Review Program. (DRP) .

“The Office of Crypto Assets will continue the work currently being done across the DRP to review applications involving crypto assets,” the securities regulator explained, elaborating:

Allocating companies and documents to one office will allow the DRP to better focus its resources and expertise on addressing the unique and evolving document review issues related to crypto assets.

Citing recent growth in the crypto market, Renee Jones, director of the SEC’s Division of Corporate Finance, explained that the regulator “saw the need to provide greater and more specialized support in the Office of DRP Finance.” She stated:

The creation of these new offices will allow DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences and industrial applications and services and will 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 offers and sales of these thousands of crypto security tokens are covered by securities laws.” He emphasized, “I have asked SEC staff to work directly with entrepreneurs to get their tokens registered and regulated, where appropriate, as securities.”

What do you think about the SEC establishing a separate office to review filings related to crypto assets? Let us know in the comments section below.

US SEC Establishes Dedicated Office to Review Crypto Dossier – Bitcoin News Regulation

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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