It will have two branches — legal and accounting

SEC to create office for crypto companies’ disclosures

09.09.2022 - 11:15

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1 min

What’s new? The US Securities and Exchange Commission’s (SEC) Division of Corporation Finance will create a new office to review public reports from crypto companies. The office will have two branches — legal and accounting. The SEC’s Division of Corporation Finance handles the disclosure of publicly traded companies. The Block reports about this.

The Block’s material

What else is known about the new office? Cicely LaMothe, the associate director for disclosure operations within the crypto division, said that the SEC considers the new office necessary to handle “unique and evolving” filings related to digital assets, the vast majority of which the agency treats as securities. Much of the crypto industry has resisted that definition or otherwise avoided registering new coins as securities, often leading to litigation. The SEC is currently looking for a staff member to run the office.

Earlier, SEC Chairman Gary Gensler said that he would support a bill that would give more authority to the Commodity Futures Trading Commission (CFTC) to oversee certain cryptocurrencies. Earlier, he called to speed up the registration of cryptocurrency exchanges. Gensler believes that digital asset trading platforms should be handled the same way as securities exchanges

In July, the CFTC created an office to oversee cryptocurrencies

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