In the wake of a wave of filings from cryptocurrency issuers in the United States, the Securities and Exchange Commission (SEC) decided to establish two new offices this fall to provide specialized support to the seven offices currently responsible for reviewing issuer filings.
Under the Financial Division’s Review Program (DRP), the SEC has announced plans to add two offices — the Office of Crypto Assets and the Office of Industrial Applications and Services. These two offices are entirely focused on the handling of crypto assets, industrial applications and services.
Commenting on the move, Renee Jones, director of the Corporation’s Finance Division, said:
“The establishment of these new offices will allow DRP to increase its focus on the areas of crypto assets, financial institutions, life sciences, industrial applications and services, and enable us to be able to fulfill our mission.”
According to the announcement, the Office of Crypto Assets will take over the DRP’s request to review cryptocurrency filings, allowing the department to refocus its resources “to address issues of special filing review and development related to crypto assets.”
On the other hand, the Office of Industrial Applications and Services will be established to take over non-pharmaceutical, non-biotech and non-drug products from the Office of Life Sciences.
An SEC filing recently revealed MicroStrategy’s intention to sell $500,000,000 worth of Class A shares and reinvest capital for the company’s general purposes, including the acquisition of Bitcoin (BTC).
MicroStrategy holds about 129,699 BTC, which has been accumulating over several years with a combined purchase price of $3.977 billion. With the cryptocurrency price unable to recover, the company’s BTC reserves could suffer losses of more than $1 billion.