US SEC to establish new office for crypto applications

The US securities regulator will establish two new offices to deal with applications related to the crypto assets and life sciences sector, the agency said on Friday.

The "Office of Crypto Assets" and "Office of Industrial Applications and Services" will join seven existing offices under the Securities and Exchange Commission (SEC) department that handle corporate disclosure filings. "As a result of recent growth in the cryptoasset and life sciences industries, we have seen a need to provide larger and more specialized support," said Renee Jones, Director of the Division of Corporation Finance, in a statement. Cryptocurrencies and other digital assets have grown in popularity in recent years and are increasingly intertwined with the regulated financial system, leaving policymakers obliged to monitor risks in a largely unregulated sector. 2022 saw a sharp drop in crypto demand as global risk sentiment was rocked by the Ukraine crisis, aggressive monetary policy tightening and the highest inflation in decades. Money laundering allegations against some crypto firms and consumer data breaches in the United States, the largest market for digital assets, also affected demand. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!