The Securities and Exchange Commission (SEC) decided to open two new offices this September in order to provide specialist support to the seven offices already in charge of examining issuer filings. Due to the significant increase in crypto issuer filings in the US. The SEC announced on September 10 its plans to establish two offices inside the Division of Corporation Finance’s Disclosure Review Program (DRP) dedicated solely to dealing with crypto assets and industrial applications and services.
The Office of Industrial Applications and Services, which will work on the non-pharma, non-biotech, and non-medical products companies currently assigned to the Office of Life Sciences, is the other office that is being created. The opening of a new office will enable the DRP to concentrate expertise for those businesses given the enormous expansion that sector has experienced.
According to Renee Jones, director of the Division of Corporation Finance, the establishment of these additional offices will allow the DRP to sharpen its focus on biological sciences, industrial applications and services, crypto assets, and financial institutions, thereby enhancing our ability to achieve our goal.
SEC has been debating how to approach cryptocurrency. Recently, SEC chairperson Gary Gensler stated he was in favour of handing the Commodity Futures Trading Commission (CFTC) additional authority over the crypto industry . The DRP personnel will be able to develop more specific experience in this field by transferring a portion of these enterprises to a different group.