SEC Establishes Two Offices To Handle Filings From US Crypto Issuers

The Securities and Exchange Commission (SEC) decided to establish two additional offices this autumn to offer specialist support to the seven offices already in charge of reviewing issuer filings due to the surge in filings from cryptocurrency issuers in the United States.

The SEC announced plans to add two offices — an Office of Crypto Assets and an Office of Industrial Applications and Services — solely dedicated to dealing with crypto assets and industrial applications and services, respectively, under the Division of Corporation Finance’s Disclosure Review Program (DRP).

Renee Jones, director of the Division of Corporation Finance, provided insight into the change:

“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.”

The Office of Crypto Assets will take over DRP’s effort to examine crypto filings, allowing the department to devote its resources “to address the unique and evolving filing review issues related to crypto assets,” according to the release.

Contrarily, the Office of Industrial Applications and Services will be organized to take over the Office of Life Sciences’ non-pharmaceutical, non-biotechnological, and non-medical products.

The growth of the cryptocurrency industry entails increasingly strict regulatory requirements. Recently, SEC chairman Gary Gensler announced he would support the CFTC on crypto regulations.

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