Considering the inflow of filings from crypto issuers in America, the Securities and Exchange Commission (SEC) reportedly formed two new facilities to offer specialized support to the seven offices taking care of reviewing issuer filings. 

Specifically, within the scope of the Division of Corporation Finance’s Disclosure Review Program (DRP), the SEC reportedly disclosed details of its plans for introducing two offices – an Office of Crypto Assets and an Office of Industrial Applications and Services – particularly concentrating on handling crypto assets and industrial applications and services, respectively.

“The creation of these new offices 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.” Sharing insights into the move, Renee Jones, director of the Division of Corporation Finance, offering details into the initiative. 

Per the announcement, the Office of Crypto Assets will assume the DRP’s attempt to review crypto filings, enabling the department to shift its resources “to address the unique and evolving filing review issues related to crypto assets.”

The Office of Industrial Applications and Services, on the other hand, is reportedly going to be established to take care of non-pharma, non-biotech, and non-medicinal products from the Office of Life Sciences.

A recent SEC submission reportedly disclosed MicroStrategy’s plan to sell class A stocks equivalent to $500,000,000 and reinvest the capital “for general corporate purposes, including the acquisition of Bitcoin (BTC).”

MicroStrategy current has possession over around 129,699 BTC, which was accumulated throughout numerous years at an aggregate purchase price of $3.977 billion. With crypto prices struggling to get back to normal, the firm’s BTC reserves stand as a loss of over $1 billion, as shown by Bitcoin Treasuries data.