Tuesday, November 29, 2022
 

SEC Opens Two New Offices Due to an Influx of Crypto Filings

  • The SEC recently announced its plans to add two new offices to assist in the influx of crypto filings.
  • Both of the offices will allow the SEC to refocus on the filing review issues related to crypto assets.
  • In the latest SEC filing, MicroStrategy reveals its intentions to purchase more BTC.

The U.S. Securities and Exchange Commission (SEC) have decided to set up new offices this fall to provide specialized support to the seven offices that are currently responsible for reviewing issuer filings. This comes after there has been an influx of filings from cryptocurrency issuers in the United States.

The SEC announced its plans to add two offices under the Division of Corporation Finance’s Disclosure Review Program (DRP). One office will be an Office of Crypto Assets and the other will be an Office of Industrial Applications and Services. Both of these offices will focus solely on dealing with crypto assets as well as industrial applications and services.

According to the announcement, the Office of Crypto Assets will take over DRP’s role of reviewing crypto filings, which will therefore allow the department to refocus its resources “to address the unique and evolving filing review issues related to crypto assets.”

On the other hand, the Office of Industrial Applications and Services will be set up to take over non-pharma, non-biotech, and non-medicinal products from the Office of Life Sciences.

The director of the Division of Corporation Finance, Renee Jones, shared that “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.”

The latest SEC filing revealed that the asset management firm, MicroStrategy, intends on selling class A stocks worth $500,000,000 in order to reinvest the capital “for general corporate purposes, including the acquisition of Bitcoin (BTC).”

  • The SEC recently announced its plans to add two new offices to assist in the influx of crypto filings.
  • Both of the offices will allow the SEC to refocus on the filing review issues related to crypto assets.
  • In the latest SEC filing, MicroStrategy reveals its intentions to purchase more BTC.

The U.S. Securities and Exchange Commission (SEC) have decided to set up new offices this fall to provide specialized support to the seven offices that are currently responsible for reviewing issuer filings. This comes after there has been an influx of filings from cryptocurrency issuers in the United States.

The SEC announced its plans to add two offices under the Division of Corporation Finance’s Disclosure Review Program (DRP). One office will be an Office of Crypto Assets and the other will be an Office of Industrial Applications and Services. Both of these offices will focus solely on dealing with crypto assets as well as industrial applications and services.

According to the announcement, the Office of Crypto Assets will take over DRP’s role of reviewing crypto filings, which will therefore allow the department to refocus its resources “to address the unique and evolving filing review issues related to crypto assets.”

On the other hand, the Office of Industrial Applications and Services will be set up to take over non-pharma, non-biotech, and non-medicinal products from the Office of Life Sciences.

The director of the Division of Corporation Finance, Renee Jones, shared that “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.”

The latest SEC filing revealed that the asset management firm, MicroStrategy, intends on selling class A stocks worth $500,000,000 in order to reinvest the capital “for general corporate purposes, including the acquisition of Bitcoin (BTC).”

 

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