In light of the influx of filings from cryptocurrency issuers in the United States, the Securities and Exchange Commission (SECfor its acronym in English) decided to create two new offices this last quarter of the year to provide specialized support to the seven offices currently responsible for reviewing issuer filings.
Under the Division of Corporate Finance’s Disclosure Review Program (DRP), the SEC announced plans to add two offices —an Office of Crypto Assets and an Office of Industrial Applications and Services—focused exclusively on the treatment of crypto assets and industrial applications and services, respectively.
Renee Jones, director of the Business Financing Division, explained this measure:
“The creation of these new offices will allow the DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services, and will facilitate our ability to fulfill our mission.”
According to the announcement, the Bureau of Crypto Assets will take over the DRP effort to review crypto asset submissionswhich will allow the department to refocus its resources “to address the unique and evolving filing review issues related to crypto assets.”
The Office of Applications and Industrial Serviceson the other hand, will be created for take charge of the non-pharmaceutical, non-biotech and non-medicinal products of the Office of Life Sciences.
A recent filing with the SEC revealed the MicroStrategy intends to sell $500,000,000 worth of Class A shares and reinvest principal “for general corporate purposes, including the acquisition of Bitcoin (BTC).”
MicroStrategy holds approximately 129,699 BTC, which was accumulated over several years at an aggregate purchase price of $3.977 million. With cryptocurrency prices failing to recover, the company’s BTC reserves represent a loss of more than 1,000 million dollarsas data from Bitcoin Treasuries shows.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.