DRP TO REFOCUS ON FILING REVIEW ISSUES RELATED TO CRYPTO ASSETS
In light of the influx of applications from cryptocurrency issuers in the United States, the Securities and Exchange Commission (SEC) has decided to establish two new offices this fall to provide specialized support to the seven offices currently responsible for reviewing issuer applications.
Under the Disclosure Review Program (DRP), the Corporation Finance division has announced plans to the SEC to add two offices – the Office of Crypto Assets and the Office of Industry Applications and Services – focused purely on addressing crypto assets and industry applications and services. .
Renee Jones, director of corporate finance, shared insights on the move:
"The creation of these new offices will allow DRP to strengthen its focus in the areas of crypto assets, financial institutions, life sciences and industrial applications and services and facilitate our ability to fulfill our mission."
According to the announcement, the Office of Crypto Assets will take over the DRP's efforts to review cryptographic records, allowing the department to refocus its resources "on addressing the unique and evolving filing review issues related to cryptographic assets."
The Office of Industrial Applications and Services, on the other hand, will be established to take over non-pharmaceutical, non-biotech and non-medical products from the Office of Life Sciences.
A recent SEC filing revealed MicroStrategy's intention to sell $500,000,000 of Class A stock and reinvest the capital "for general corporate purposes, including the acquisition of Bitcoin."
MicroStrategy holds approximately 129,699 Bitcoins (BTC), which were accumulated over several years for a total purchase price of $3.977 billion. Since cryptocurrency prices have not recovered, the company's BTC reserves represent a loss of more than $1 billion, according to data from Bitcoin Treasuries.