In light of the influx of cryptocurrency issuer filings in the United States, the Securities and Exchange Commission (SEC) decided to create two new offices this fall to provide specialized support to the seven offices currently responsible for reviewing issuer registrations.
Under the Division of Corporation Finance’s Disclosure Review Program (DRP), the SEC announced plans to add two offices — an office for cryptoassets and an office for industrial applications and services — purely focused on handling cryptoassets and industrial applications and services, respectively. .
Renee Jones, director of the Division of Corporation Finance, shared insight into the move:
“The creation of these new offices will enable DRP to increase its focus in the areas of crypto-assets, financial institutions, life sciences and industrial applications and services and facilitate our ability to fulfill our mission.”[ads1];
According to the announcement, the Office of Crypto Assets will take over the DRP’s efforts to review crypto filings, allowing the department to refocus its resources “to address the unique and evolving record review issues related to crypto assets.”
The Office of Industrial Applications and Services, on the other hand, will be set up to take over non-pharma, non-biotech and non-medical products from the Office of Life Sciences.
Related: Brazilian SEC seeks to change its role in cryptocurrency regulation
A recent SEC filing revealed MicroStrategy’s intention to sell $500,000,000 worth of Class A shares and reinvest the capital “for general corporate purposes, including the acquisition of Bitcoin (BTC).”
MicroStrategy has approximately 129,699 BTC, which was accumulated over several years for a total purchase price of $3.977 billion. With crypto prices failing to recover, the company’s BTC reserves stand at a loss of over $1 billion, as shown by Bitcoin Treasuries data.