The Securities and Exchange Commission (SEC) is planning to create a new office that will focus on new cryptocurrency filings that will help the public in future dealings in the digital world. It is planning to add to the Division of Corporation Finance’s Disclosure Review Program (DRP), which currently has seven existing offices that are already pressed on the matter.
SEC to Add New Offices for Crypto Filings
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The headquarters of the US Securities and Exchange Commission (SEC) is seen in Washington, DC, January 28, 2021. – An epic battle is unfolding on Wall Street, with a cast of characters clashing over the fate of GameStop, a struggling chain of video game retail stores. Late January 27, 2021, the Securities and Exchange Commission said it was monitoring the activity.
The SEC published a release on its website focusing on two new offices that will come for its DRP, under the Division of Corporation Finance, which will focus on new cryptocurrency filings from applicants. The proposed idea would focus on the addition of an Office of Crypto Assets and an Office of Industrial Applications and Services to the said division.
According to the SEC, ” to further the Division’s work to promote capital formation and protect investors. The DRP anticipates the new offices will be established later this fall.”
The Commission is met with significant changes in the cryptocurrency world, focusing on the evolving case of crypto in the country regarding the new assets coming to all.
SEC Aims to Protect Investors
According to the SEC, it aims to protect investors and future participants in the cryptocurrency world regarding the many changes in the industry. CryptoNews reported that the new offices will better its allocation of resources and focus on its ways to protect consumers more with new cryptocurrencies applying to file its assets for the world.
SEC and Cryptocurrency
The SEC has been following and putting a significant focus on the many cryptocurrency dealings happening within the country or for corporations in the United States. It aims to promote fair dealings within the cryptocurrency world, and according to previous reports, illicit or misleading transactions in the blockchain are also under watchful eye and investigation.
Certain filings regarding cryptocurrency are also a focus of the SEC, with the agency looking closely at disclosed information from different tech companies on their dealings with the public. One previous encounter was with Nvidia, particularly as it obscured the number of sold GPUs to crypto miners on their filings to the agency.
It is intent on protecting the public and investors’ interest in the process, especially as the blockchain saw significant growth over the past years.
Now, it is strengthening its core to focus on more cryptocurrency filings with the proposal of two new offices, which will give more to the public and look at the future of crypto in the country. Moreover, it aims to protect more of the general public for their future transactions within the industry, and avoid future incidents or problems.
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Written by Isaiah Richard
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