The United States Securities and Exchange Commission (SEC) on Friday announced plans to create two new dedicated offices to review filings related to cryptocurrency, including “Property Office cryptocurrency” and “Office of Industrial Applications and Services”. The agency added that both are expected to be established later this fall.
The two new offices will join the agency's seven existing offices, which "provide a centralized review of issuer records." SEC note that these offices are categorized by industry expertise and will be part of the Institutional Finance Department's Public Review Program (DRP).
“The Crypto Assets Office will continue the work currently being done under the DRP to review crypto-related filings.
Designating companies and profiles to an office will allow DRP to better focus resources and expertise on addressing unique and evolving record review issues related to crypto assets. ".
Citing the recent growth in the crypto market, Renee Jones, director of the Institutional Finance Department of SEC, explaining that the regulator “sees the need to provide more and more specialized support to the DRP's Finance Office.
“The establishment of these new offices will allow DRP to increase its focus on crypto assets, financial institutions, life sciences, industrial applications and services, and create conditions to fulfill its mission”.
Chairperson SEC Gary Gensler said on Thursday:
“Of the nearly 10,000 tokens on the crypto market, I believe the majority are securities. The offering and sale of thousands of these crypto security tokens is subject to securities laws. I have asked SEC staff to work directly with entrepreneurs to register and manage their tokens, where appropriate, as securities.”