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SEC to address growing crypto issuer filings

Office of Industrial Applications and Services will be organised to take over the Office of Life Sciences’ non-pharmaceutical, non-biotechnological, and non-medical products.

About 129,699 BTC are now held by MicroStrategy, with a total purchase price of $3.977 billion over a period of time.
About 129,699 BTC are now held by MicroStrategy, with a total purchase price of $3.977 billion over a period of time.

The Securities and Exchange Commission (SEC) decided to establish two additional offices this autumn to offer specialist support to the seven offices already in charge of reviewing issuer filings due to the surge in filings from cryptocurrency issuers in the United States, Cointelegraph stated.

The SEC announced plans to add two offices — an Office of Crypto Assets and an Office of Industrial Applications and Services — solely dedicated to dealing with crypto assets and industrial applications and services, respectively, under the Division of Corporation Finance’s Disclosure Review Program (DRP). The Office of Crypto Assets will take over DRP’s effort to examine crypto filings, allowing the department to devote its resources “to address the specific and emerging filing review challenges relating to crypto assets,” according to the release.

“The creation of these new offices will enable the DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and facilitate our ability to meet our mission,” Renee Jones, director of the Division of Corporation Finance, stated.

Contrarily, the Office of Industrial Applications and Services will be organised to take over the Office of Life Sciences’ non-pharmaceutical, non-biotechnological, and non-medical products.

As per Cointelegraph, MicroStrategy has declared its intention to sell $500,000,000 worth of class A shares and reinvest the proceeds “for general company objectives, including the acquisition of Bitcoin (BTC),” according to an SEC filing.

About 129,699 BTC are now held by MicroStrategy, with a total purchase price of $3.977 billion over a period of time. According to data from Bitcoin Treasuries, the company’s BTC reserves have lost almost $1 billion as a result of the failure of cryptocurrency prices to rebound.

(With insights from Cointelegraph)

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