In response to the influx of filings from cryptocurrency issuers in the United States, the Securities and Exchange Commission (SEC) decided to establish two new offices this fall to provide special support to the seven offices currently responsible for reviewing issuers’ filings.
Under the Corporate Finance Public Review Program (DRP) division, the SEC announced plans to add two offices — the Office of Crypto Assets and the Office of Industrial Applications and Services — that will exclusively focus on dealing with crypto assets and industrial applications and services, respectively. .
Renee Jones, director of corporate finance, shares insights into the move:
“The creation of these new offices will allow DRP to focus on the crypto assets, financial institutions, life sciences and industrial applications and services sectors and optimize our capacity to achieve our mission.
According to the announcement, the Office of Crypto Assets will oversee the DRP’s efforts to review crypto assets, allowing the department to refocus its resources “to address unique and evolving file review issues related to crypto assets.”
On the other hand, the Office of Industrial Applications and Services will be established to handle non-pharmaceutical, non-biotech and non-medicinal products from the Office of Life Sciences.
Related: Brazil’s SEC wants to change its role in cryptocurrency regulation
A recent SEC filing revealed MicroStrategy Class A’s intention to sell $500,000,000 worth of stock and reinvest capital “for general corporate purposes, including acquiring Bitcoin (BTC).”
MicroStrategy has approximately 129,699 BTC accumulated over several years at a total purchase price of $3.977 billion. According to Bitcoin Treasury data, the company’s BTC reserves stand at a loss of more than $1 billion as crypto prices fail to recover.