The United States Securities and Exchange Commission or SEC will establish the Office of Crypto Assets this autumn. The latter is one of two new bureaus, the other being the Office of Industrial Applications and Services.
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According to the update posted online by finance news outlet The Financial Express, the SEC announced its plans to add the Office of Crypto Assets and the Office of Industrial Applications and Services to its Division of Corporation Finance’s Disclosure Review Program or DRP last Friday, September 9, 2022.
The two new offices will be for cryptocurrency-based filings. Moreover, the Office of Crypto Assets and the Office of Industrial Applications and Services will join the seven existing bureaus that offer a focused review of issuer filings and are grouped by industry expertise.
They will further the Division’s work of protecting investors and promoting capital formation. The Office of Crypto Assets will carry on the work presently performed across the DRP to review company filings involving cryptocurrencies.
The SEC believes that assigning firms and filings to a single bureau will enable the DRP to better concentrate its expertise and resources to address the one-of-a-kind and changing filing review issues related to virtual assets.
Meanwhile, the Office of Industrial Applications and Services will be responsible for the non-biotechnology, non-pharma, and non-medicinal providers presently assigned to the Office of Life Sciences.
The life sciences sector has undergone considerable growth, which has added to the number of firms and filings assigned to that office in recent years.
The SEC believes that transitioning a subset of these businesses to a separate entity will permit the DRP staff to better build specialized expertise in this area.
Renee Jones is the Director of the SEC’s Division of Corporation Finance. She cited that they witnessed a necessity to provide greater and more specialized backing in the DRP’s Office of Finance and its Office of Life Sciences as an offshoot of the recent growth in the cryptocurrency and life sciences sectors.
Jones pointed out that creating the Office of Crypto Assets and the Office of Industrial Applications and Services would let the DRP enhance its concentration in the fields of cryptocurrencies, life sciences, financial institutions, and industrial applications and services.
She said these two new bureaus would also facilitate their group’s capability to meet their mission. We want to congratulate the SEC for its conception and forthcoming formation of the Office of Crypto Assets and the Office of Industrial Applications and Services.
We think this latest development will improve the virtual currencies’ regulation in the United States.
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