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The U.S. securities regulator will establish two new offices to handle reports related to crypto assets and the life sciences sector, the agency said on Friday.
The “Office of Crypto Assets” and the “Office of Industry Applications and Services” will join the seven existing offices within the Securities and Exchange Commission (SEC) division of corporate information reporting.
“Due to the recent growth of the cryptoassets and life sciences industries, we saw a need to provide greater and more specialized support,” Renee Jones, director of Corporation Finance, said in a statement.
Cryptocurrencies and other digital assets have surged in popularity in recent years and are increasingly intertwined with the regulated financial system, burdening policymakers with monitoring risks in a largely unregulated sector.
However, 2022 saw a sharp decline in cryptocurrency demand as global risk sentiment was overwhelmed by the Ukraine crisis, aggressive monetary tightening and decades of high inflation.
Money laundering allegations against some crypto firms as well as consumer data breaches in the United States, the largest market for digital assets, also weighed on demand.