The United States SEC (Securities & Exchange Commission) is introducing a devoted office to analyze cryptocurrency-related filings. The securities watchdog emphasized the need for increased support for digital assets.
SEC’s Devoted Crypto Office
The United States SEC revealed its plans to build two offices to assess filings on Friday. The regulator confirmed the offices (Office of Industrial Services & Applications and Office of Cryptocurrency Assets) would arrive later this fall.
The SEC added that the two offices would join its seven existing ones that offer issuer filings’ focused review. It stated that it grouped the offices by industry expertise, falling under its DRP (Disclosure Review Program).
The securities watchdog clarified that the Office of Cryptocurrency Assess would progress with DRP’s work to assess filings related to cryptocurrency assets.
Assigning filings and companies to a single office will allow DRP to dedicate its expertise and resources to address the evolving and unique filing review crypto-associated problems.
Citing the latest crypto market growth, SEC’s Renee Jones stated that the watchdog saw an opportunity to ensure more specialized and heightened support within the DRP’s Finance Office.
She said that the new offices would allow the DRP to amplify its dedication in sectors of life sciences, financial institutions, industry applications & services, and cryptocurrencies and enhance the capability to hit the company’s mission.
SEC Chair Gary Gensler (on Thursday) said that most tokens within the cryptocurrency industry are securities. The securities laws cover the sales and offers of the many crypto security coins.
Gensler confirmed telling the SEC officials to work with entrepreneurs to register their tokens as securities where appropriate.
Increasing Crypto Scrutiny
United States senators Cory A. Booker, Bernard Sanders, Dianne Feinstein, Elizabeth Warren, Sherrod Brown, and Robert Menendez questioned entrepreneur Mark Zuckerberg about his firm’s efforts to fight crypto fraud on its social sites, including WhatsApp, Instagram, and Facebook.
The senators revealed their concerns that Meta offers a breeding environment for crypto scammers that massively harm customers. Indeed, most cryptocurrency scammers originate from social media platforms.
Stay tuned for the latest cryptocurrency news.
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