The U.S. SEC is opening a new office to handle cryptocurrency filings.

The U.S. SEC is opening a new office to handle cryptocurrency filings. A new office will be established by the U.S. Securities and Exchange Commission (SEC) to analyze corporate filings pertaining to crypto assets. It will fall under the Division of Corporate Finance of the SEC and be a part of its Disclosure Review Program (DRP).

According to a news statement from the SEC, moving the evaluation of filings containing crypto assets to its own office will allow the DRP to better concentrate resources and experience on handling the particular and changing filing review process for crypto assets.

The Office of Industrial Applications and Services, which will handle the review of filings related to non-pharma, non-biotech, and non-medicinal products companies now allocated to the Office of Life Sciences, was also announced by the SEC together with the Office of Crypto Assets.

This fall, both offices are anticipated to open. Renee Jones, Director of the Division of Corporation Finance, stated that the regulator anticipates the two offices assisting the SEC in its initiatives to safeguard consumers and encourage capital formation in the two industries that have lately shown notable development.

The opening of these additional offices will allow the DRP to sharpen its focus on industrial applications and services, financial institutions, life sciences, and crypto assets, according to Jones. This will help the DRP better carry out its purpose.

The two offices will join the Division of Corporate Finances Disclosure Review Program's seven currently operating sector-specific filings review units.

The SEC continues to invite cryptocurrency companies to register with it.
The announcement comes shortly after SEC chairman Gary Gensler said that cryptocurrency projects and organizations need to register in order to be governed by the commission.

He noted that, regardless of the cutting-edge technology they are issued with, the vast majority of the more than 10,000 tokens in the cryptocurrency market are securities under the long-standing Securities Act of the United States while delivering a speech at SEC Speaks organized by the Practising Law Institute.

"When the investing public is provided with information about a project's prospects and business, they benefit. When intermediaries are regulated and registered, it benefits the investing public "Added he.

The SEC's Division of Enforcement nearly doubled the size of its Crypto Assets and Cyber Unit's employees in May. These actions have been prompted by the crypto market's extreme volatility and the rising number of fraud cases there, which the SEC is working hard to crack down on.