- The offices will be overseen by the SEC Division’s Disclosure Review Program at Corporation Finance.
- According to the SEC, it has decided to assign companies and files to one office.
On Friday, the US Securities and Exchange Commission (SECHe said he will open two more offices to handle cryptocurrency deposits. The authority announced plans to create two new divisions this fall: the Office of Crypto Assets and the Office of Industrial Applications and Services.
SEC’s Corporation Finance Division’s Disclosure Review Program will oversee the new offices in addition to the seven already existing offices that “provide focused review of issuer filings.” These offices are organized by sector experts.
The securities regulator explained:
“The Crypto Asset Office will continue the work currently being conducted via the DRP to review filings that include crypto assets.”
A step to sort out audit concerns
In order for DRP to better focus its resources and expertise on the distinct and ever-evolving file review concerns associated with crypto assets, it has decided to assign companies and files to a single office.
Director of Corporate Finance Department at the Saudi Electricity Company Renee Jones She recently stated that the agency “saw the need to provide larger and more specialized support to the DRP Financial Office” given the burgeoning crypto sector.
In her opinion:
The establishment of these new offices will enable DRP to strengthen its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services, and facilitate our ability to fulfill our mission.
On Thursday, the President of the Supreme Education Council Gary Gensler Note:
“Out of the roughly 10,000 tokens in the crypto market, I believe the vast majority are securities. Offerings and sales of these thousands of crypto security tokens are covered by securities laws. I have asked SEC employees to work directly with entrepreneurs to register and regulate their tokens, when appropriate, as securities.”
Recommended for you:
Thailand SEC imposes new guidelines on encrypted ads
#SEC #announces #offices #review #crypto #filings