WASHINGTON—The U.S. Securities and Exchange Commission is planning to open a new office that will handle public filings related to crypto activity.
According to those familiar with the matter, the crypto office will be within the SEC Division of Corporation Finance that takes care of disclosures for publicly traded firms. It is expected to open this fall, Coinspeaker reported.
According to Cicely LaMothe, the division’s associate director for disclosure operations, there has been an increasing number of “unique and evolving” filings that involve digital assets. Therefore, there is a need for a separate unit that will address the issues related to crypto filings, Coinspeaker said.
Notably, the majority of crypto assets are referred to as securities by the SEC, while bitcoin is the only crypto considered as a commodity, Coinspeaker stated.
LaMothe has also said that the new office would have legal and accounting branches for crypto firms willing to file public disclosures. It is not yet clear who will run the office, Coinspeaker said.
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