The Securities and Exchange Commission (SEC) is adding two new offices, including one specifically dealing with cryptocurrency filings.
Specifically, the SEC will ramp up the Office of Crypto Assets as well as the Office of Industrial Applications and Services. Both will be part of the Division of Corporation Finance’s Disclosure Review Program (DRP). The two new offices will join the seven existing offices that provide a focused review of issuer filings and are grouped by industry expertise.
“As a result of recent growth in the crypto asset and the life sciences industries, we saw a need to provide greater and more specialized support in the DRP’s Office of Finance and its Office of Life Sciences,” Renee Jones, director of the Division of Corporation Finance, said. “The creation of these new offices will enable the DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and facilitate our ability to meet our mission.”
The Office of Crypto Assets will continue the work currently performed across the DRP to review filings involving crypto assets. Having one specific office to handle the filing will enable the DRP to better focus its resources and expertise to address the evolving filing review issues related to crypto assets.
The Office of Industrial Applications and Services will be responsible for the non-pharma, non-biotech, and non-medicinal products companies currently assigned to the Office of Life Sciences. The life sciences industry has experienced significant growth in recent years, which has added to the number of filings and companies assigned to that office. Likewise, this new office will allow the DRP staff to better build specialized expertise in this space.
The DRP anticipates the new offices will be established later this fall.