SEC plans a move to address faster crypto filings by opening two more offices
With the new offices, SEC is expected to focus more on resources and expertise to address the issue of the crypto market
By Shashank Bhardwaj
The Department of Corporate Finance’s Disclosure Review Program (DRP) joins hands with the Securities and Exchange Commission (SEC) to support corporate finance and crypto filings. A recent statement by the director of the Division of Corporation Finance, Renee Jones, reveals that the SEC is planning to open up two more offices by this fall to tackle the influx of filings under crypto assets and industrial applications. This move was taken as a lot of bigger players are intending to expand their crypto assets, and reviewing crypto filings at a higher pace has become harder for the SEC.
The two offices will be called the ‘Office of Crypto Assets’ and the ‘Office of Industrial Applications and Services.’ These two offices are being set up in addition to the existing seven specialised offices by SEC. The Office of Crypto Assets will aim ‘to address the unique and evolving filing review issues related to crypto assets.’
Meanwhile, the office of Industrial Applications and Services is reported to focus on non-bio-tech, non-pharma and non-medicinal products from the life sciences department. It is expected that the establishment of two new offices and specialised staff will lead to faster reviewing of the filings and companies investing in crypto assets earlier than forecasted.
Renee was quoted as saying, “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.”
Two new SEC offices in the States have been welcomed as good news by the corporations as well.
It is worth noting here that companies like MicroStrategy are planning on expanding their crypto portfolio with $500M investments into Bitcoin. The company has intentions to sell its class A stocks to increase its crypto assets and has filed the review application to the SEC. MicroStrategy currently holds 129,699 BTC, which was capped at $3.97B at the time of purchase. The recent market crash has brought down their investments. Hence the company plans to buy more. With the new offices, the SEC is expected to focus more on ‘resources and expertise to address the unique and evolving filing review issues related to crypto assets.’
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash