US SEC to create new office for crypto filings

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A representation of the virtual cryptocurrency Bitcoin is seen in this illustration taken October 18, 2021. REUTERS/Edgar Su/File Photo

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Sep 9 (Reuters) – The U.S. securities regulator will set up two new offices to process filings related to crypto assets and the life sciences sector, the agency said on Friday.

The “Office of Crypto Assets” and the “Office of Industry Applications and Services” will join seven existing offices within the Securities and Exchange Commission (SEC) department that handles corporate disclosure statements.

“Due to the recent growth of crypto assets and life science industries, we have seen the need to provide greater and more specialized support,” Renee Jones, director of the Division of Corporation Finance, said in a statement. communicated.

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Cryptocurrencies and other digital assets have grown in popularity in recent years and are increasingly intertwined with the regulated financial system, forcing policymakers to monitor risks in a largely unregulated sector.

2022 has seen a sharp drop in demand for crypto, however, as global risk sentiment has been rattled by the Ukraine crisis, aggressive monetary policy tightening, and decades-high inflation.

Money laundering allegations against some crypto firms as well as consumer data breaches in the United States, the largest market for digital assets, have also affected demand. Read more

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Reporting by Manya Saini in Bangalore; Editing by Devika Syamnath

Our standards: The Thomson Reuters Trust Principles.

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