The Office of Crypto Assets and the Office of Industrial Applications and Services will join seven existing offices within the Securities and Exchange Commission (SEC) department that handles company disclosure filings.
“Due to recent growth in the crypto asset and life sciences industries, we have seen the need to provide greater and more specialized support,” said Renee Jones, director of the Division of Corporation Finance, in a statement. communicated
Cryptocurrencies and other digital assets have grown in popularity in recent years and are increasingly intertwined with the regulated financial system, forcing policymakers to monitor risk in a largely unregulated industry.
In 2022, demand for cryptocurrencies fell sharply as global risk sentiment was hurt by the Ukraine crisis, aggressive monetary policy tightening, and decades-high inflation.
Money laundering allegations against some cryptocurrency companies as well as consumer data breaches in the United States, the largest market for digital assets, have also affected demand.