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SEC Announces To Establish Two New Offices To Address Cryptocurrency Issuer Filings

The new offices of the Securities and Exchange Commission are planning to reevaluate the problem of the growing range of cryptocurrency providers’ requests. It permits Disclosure Review Program to analyze the matter of filling requests for crypto assets thoroughly.

By taking into account the flood of filings submitted by the cryptocurrency service providers in the U.S., the SEC has designed a plan to inaugurate up to 2 more exclusive offices during this season. This move has been taken by the agency to particularly assist the 7 existing offices which are operating as the regulators to tackle the issues related to the fillings.

The SEC to Open a Couple of New Offices to Cope with Increasing Filings from Crypto Providers

 The SEC, in the light of the Corporation Finance’s branch called Disclosure Review Program (DRP), has declared the strategy of additionally including a couple of offices. One of them is the Office of Industrial Applications and Services while the other is named the Office of Crypto Assets.

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The Division of Corporation Finance’s director – Renee Jones – expressed his views on the respective step. He added that the establishment of the new 2 divisions of the regulatory agency will facilitate the Disclosure Review Program to particularly emphasize all the fields of crypto assets taking into account life sciences, financial organizations, industrial services, and applications, which will allow them to accomplish the objectives thereof.

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As per the declaration, the responsibility of the Office of Crypto Assets is to take over the endeavors of DRP to evaluate the filings related to the crypto sector.  It will facilitate the office to allocate its capital for providing solutions for the exclusive and developing matters related to filing reviews associated with the crypto assets.

In opposition to this, the Office of Industrial Applications and Services is to arrange to dominate the non-medicinal, non-pharma, and non-biotech goods provided by the Office of Life Sciences. An exclusives SEC filing disclosed that MicroStrategy is planning to trade worth up to $500,000,000 in class A stocks, to accomplish the overall corporate goals, such as the BTC acquisition, by reinvestment of the capital.

MicroStrategy’s BTC Holdings Reach $129,699

An amount of nearly $129,699 in Bitcoin is held by MicroStrategy. The respective capital was collected during many years at $3.977B as an accumulative purchase price. As the crypto prices are not effective to witness a recovery, the Bitcoin reserves of the firm are seeing more than $1B in losses, as mentioned in the data taken from Bitcoin Treasuries.

📰 Also read:  ShapeShift Settles SEC Charges Over Illegal Offering of Securities

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📰 Also read:  ShapeShift Settles SEC Charges Over Illegal Offering of Securities

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Mubashar Nawaz (United Arab Emirates)

Mubashar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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