The U.S. Securities and Exchange Commission (SEC) intends to grow the Division of Corporate Finance's Disclosure Review Program (DRP) by adding an Office of Crypto Assets and an Office of Industrial Applications and Services to review company filings by issuers, according to a recent press release. The new offices, which are expected to be established later this fall, "will enable the DRP to enhance its focus in the areas of crypto assets, financial institutions, life sciences, and industrial applications and services and facilitate our ability to meet our mission," according to a representative.
The SEC recently published remarks made by Commissioner Mark Uyeda at the SEC Speaks Conference. Commissioner Uyeda expressed his views on many issues and commented, "Today, one big, difficult, and complex issue that is conspicuously absent from the Commission's published regulatory agenda is how to regulate crypto assets and related services." According to Uyeda, "There is a widespread concern that the lack of predictability with regard to our regulation may encourage crypto firms to relocate to other jurisdictions." Recognizing the benefit of comments from crypto investors and other market participants, the commissioner proposed that "[t]o the extent that crypto assets raise unique issues not otherwise addressed in the current rule book, the Commission should consider proposing rules or issuing interpretive releases."
In a recent letter to a major multinational social media and technology firm, Senator Bob Menendez along with five other senators questioned the firm regarding its efforts to combat cryptocurrency scams and hold bad actors accountable for cryptocurrency fraud on its platform. The senators pointed to data from the Federal Trade Commission indicating that high percentages of cryptocurrency fraud victims are victimized on a social media website, and the senators specifically referenced several of the firm's social media platforms. The letter goes on to request information responsive to several questions, including what policies and practices the firm has to find and remove crypto scammers from the firm's various platforms.
For more information, please refer to the following links:
- SEC Division of Corporation Finance to Add Industry Offices Focused on Crypto Assets and Industrial Applications and Services
- Commissioner Mark Uyeda Remarks at the "SEC Speaks" Conference 2022
- MENENDEZ, BROWN, WARREN, FEINSTEIN, SANDERS, AND BOOKER PRESS META FOR DETAILS ON ITS EFFORTS TO COMBAT CRYPTOCURRENCY SCAMS
- Letter to Meta on Cryptocurrency Scams
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