The United States Securities and Exchange Commission (SEC) announced two new offices in addition to the seven present to facilitate exclusive support in reviewing issuer filings. Aimed purely at dealing with crypto assets, one of the two new offices is meant to be the regulatory body’s solution to the increasing influx of crypto issuers in the country.
The two new offices – an Office of Crypto Assets and an Office of Industrial Applications and Services will function under the Division of Corporation Finance’s Disclosure Review Program (DRP) and specialize in “providing a focused review of issuer filings,” the SEC stated.
The authority also confirmed that the Office of Crypto Assets would continue the work performed across the DRP to review filings involving crypto assets.
Assigning companies and filings to one office will enable the DRP to focus its resources and expertise better to address the unique and evolving filing review issues related to crypto assets, it added.
Renee Jones, director of the Division of Corporation Finance SEC, explained that the rate of growth of cryptocurrencies had shown the need to provide greater and more specialized support in the DRP’s Office of Finance. She elaborated:
“The creation of these new offices will enable the DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and facilitate our ability to meet our mission.
Last week SEC Chairman Gary Gensler said that he had instructed the SEC staff to work directly with entrepreneurs to get their tokens registered and regulated, where appropriate, as securities.
The other new office- the Office of Industrial Applications and Services, will focus on non-pharma, non-biotech, and non-medicinal products from the Office of Life Sciences.