SEC Up To Use Specialist Offices To Address Crypto Issuer Filings

The US financial watchdog is receiving a heavy number of crypto issuer filings
Specialized Offices for these filings are expected to take out the burden from the SEC

The Securities and Exchange Commission (SEC) decided to establish two additional offices this autumn to offer specialist support to the seven offices already in charge of reviewing issuer filings due to the surge in filings from cryptocurrency issuers in the United States.

The SEC announced plans to add two offices — an Office of Crypto Assets and an Office of Industrial Applications and Services — solely dedicated to dealing with crypto assets and industrial applications and services, respectively, under the Division of Corporation Finance’s Disclosure Review Program (DRP).

Director of the Division of Corporation Finance Renee Jones provided information about the transition, saying these additional offices will let the DRP better focus on cryptocurrencies, financial institutions, biological sciences, industrial applications, and services, which will help us accomplish our purpose.

The Office of Crypto Assets will take over DRP’s effort to examine crypto filings, allowing the department to devote its resources “to address the specific and emerging filing review challenges relating to crypto assets,” according to the release.

Contrarily, the Office of Industrial Applications and Services will be organized to take over the Office of Life Sciences’ non-pharmaceutical, non-biotechnological, and non-medical products.

According to a recent SEC filing, MicroStrategy intends to sell $500,000,000 worth of class A shares and spend the proceeds “for general company purposes, including the acquisition of I About 129,699 BTC are now held by MicroStrategy, with a total purchase price of $3.977 billion over a period of time.

According to Bitcoin Treasuries data, the company’s BTC holdings have suffered a loss of almost $1 billion as a result of the cryptocurrency market’s failure to rebound.