US Securities body launches a new office for crypto space

With a new decision, The Securities regulatory department of the United States aimed to overcome the evolving contradiction about policies in the crypto space. 

The United States Securities and Exchange Commission (SEC) is a leading regulatory body in the US, which regulates the spot money market including the crypto industry. Now the Commodities regulatory agency CFTC is also seeking to secure some significant power to handle the crypto industry because many crypto assets possess a commodity asset class nature. 

Just a couple of days ago, The SEC agency announced via a press release that it is going to establish two new offices. One of the offices will be the Office of Crypto Assets to the Division of Corporation Finance’s Disclosure Review Program (DRP).

Here DRP will precisely review the filing of the issuers, which are linked to Bitcoin or any other crypto assets. So basically this new office will manage the crypto-dedicated SEC filings.

SEC agency said:

“(It will allow to) better focus its resources and expertise to address the unique and evolving filing review issues related to crypto assets.”

Renee Jones, Director of the Division of Corporation Finance, said that decisions have been taken in response to the growth of the crypto space rapidly over the last few years of time frame.

“As a result of recent growth in the crypto asset and the life sciences industries, we saw a need to provide greater and more specialized support in the DRP’s Office of Finance and its Office of Life Sciences,” said Renee.

Cynthia Lummis seeks to reduce contradictory rules 

In the last couple of years, the SEC agency took action against many crypto companies. The regulatory actions taken by the SEC agency were criticized by many US lawmakers. 

In particular, in the case of Ripple Vs SEC lawsuit, many experts noted that the SEC agency is taking action partially, and also actions are full of contradictions.

Last week, Cynthia Lummis, proposed legislation for the SEC agency to choose the crypto assets which possess the nature of the Security asset class and the rest of them will fall under the category of the Commodities asset class. Through this ideology, it will be helpful for the crypto companies to provide crypto services with particular crypto assets with full confidence.

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