SEC to address growing crypto issuer filings with specialized offices

SEC to address growing crypto issuer filings with specialized offices

Due to the increasing number of cryptocurrency issuer filings in the United States the Securities and Exchange Commission (SEC), decided to establish two new offices to support the seven existing offices that are responsible for reviewing these filings.

The Disclosure Review Program (DRP) of the Division of Corporation Finance, the SEC announced plans for two new offices: an Office of Crypto Assets and a Office of Industrial Applications and Services. These offices will be purely dedicated to dealing with industrial applications and crypto assets.

Renee Jones (director of the Division of Corporation Finance) shared insights about the move:

“The DRP will be able to increase its focus on crypto assets, financial institutions and life sciences. This will allow the DRP to better serve our mission.”

The announcement states that the Office of Crypto Assets will assume DRP’s responsibility for reviewing crypto filings. This will allow the department to refocus its resources to address “the unique and evolving filing review problems related to crypto assets.”

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

Related: Brazilian SEC seeks a change in its role in cryptocurrency regulation

MicroStrategy recently filed a SEC filing revealing that it intends to sell class A stock worth $500,000,000 and reinvest capital “for general corporate goals, including the acquisition Bitcoin (BTC)”.

Snippet taken from MicroStrategy’s SEC filing. Source: SEC.gov

MicroStrategy has approximately 129,699 BTC. This was acquired over many years at an average purchase price of $3.977 million. According to Bitcoin Treasuries data, the company’s BTC reserves are at a loss of more than $1 billion due to crypto prices not recovering.

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