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SEC Adds New Crypto Office To Disclosure Review Program; Senators Target Crypto Scams – Fin Tech

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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.

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