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The U.S. Securities and Exchange Commission (SEC) is setting up a dedicated office to review crypto-related filings. The securities regulator stressed the need to \u201cprovide greater and more specialized support\u201d for crypto assets.<\/strong><\/p>\n The U.S. Securities and Exchange Commission (SEC) announced Friday its plan to establish two new offices to review filings. One is an \u201cOffice of Crypto Assets\u201d and the other is an \u201cOffice of Industrial Applications and Services,\u201d the regulator said, adding that it expects both to be set up later this fall.<\/p>\n The two new offices will join the agency\u2019s seven existing offices that \u201cprovide focused review of issuer filings,\u201d the SEC detailed, noting that these offices are grouped by industry expertise and will be under the agency\u2019s Division of Corporation Finance\u2019s Disclosure Review Program (DRP).<\/p>\n \u201cThe Office of Crypto Assets will continue the work currently performed across the DRP to review filings involving crypto assets,\u201d the securities regulator clarified, elaborating:<\/p>\n Assigning companies and filings to one office will enable the DRP to better focus its resources and expertise to address the unique and evolving filing review issues related to crypto assets.<\/p>\n<\/blockquote>\n Citing recent growth in the crypto market, Renee Jones, director of the SEC\u2019s Division of Corporation Finance, explained that the regulator \u201csaw a need to provide greater and more specialized support in the DRP\u2019s Office of Finance.\u201d She opined:<\/p>\n 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.<\/p>\n<\/blockquote>\n SEC Chairman Gary Gensler said Thursday: \u201cOf the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities. Offers and sales of these thousands of crypto security tokens are covered under the securities laws.\u201d He emphasized: \u201cI\u2019ve asked the SEC staff to work directly with entrepreneurs to get their tokens registered and regulated, where appropriate, as securities.\u201d<\/p>\nSEC\u2019s Dedicated Crypto Office<\/h2>\n
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