The United States Securities and Exchange Commission (US SEC) has announced that it is mulling plans to set up a specialized office in the coming months. According to the update, the office will only be specialized in handling crypto-related activities such as reviewing filings of crypto-related proceedings. The US SEC mentioned looking to provide a more hands-on approach to digital assets in its statement.
The US SEC plans to open these offices by the fall
In its statement, the US SEC announced that it is currently considering the idea of setting up two offices that specialize in just crypto dealings. The first will be mainly for crypto assets, while the second office will specialize in industrial applications and other services. These two new centers will be the latest addition to the over seven centers specialized in reviewing crypto filings in the United States.
According to the regulator, they have a timeline to see both offices completed and ready for use by the end of this year. The announcement also mentioned that these offices would be ranked according to the activities that they carry out, with all of them under the Disclosure Review Program that the Corporate Finance division previously set up.
Gary Gensler wants securities registered under the law
The announcement also mentioned that the first office dealing in crypto assets would continue to assist the DRP in looking into several filings related to digital assets. The US SEC clarified that setting up an office to look into these things will help them pool resources in the right direction. In the statement of an executive of the Corporate Finance division of the agency, the massive growth experienced by the crypto market was one of the triggers that birthed the need for an office with a hands-on approach to specialized matters.
She mentioned that these new offices would help them focus on specific areas to help them meet their set mission. According to Gary Gensler of the US SEC, the market is saturated with more than 10,000 tokens, believing most are securities. He noted that these securities are allowed to operate under the law. Gensler also mentioned that he had left specific instructions with his staff to ensure that they help entrepreneurs register their digital assets as securities.