The SEC is bolstering its crypto-fighting arm with a doubling of staff and a name change to accompany this new momentum.
Cryptocurrency is on the rise, to say that is an understatement. If every week there are a lot of completely beneficial projects appearing in the four corners of the globe, then things are clearly not rosy, and these new technologies, as promising as they are, also open up new opportunities for attackers. It is expedient for governments to protect themselves and their citizens. What the US is already doing with the dedicated unit.
SEC strengthens its anti-crypto division
On the other side of the Atlantic, it is the untouchable Securities and Exchange Commission, often abbreviated to the SEC—the US federal financial market regulator—that is responsible for this oversight and repression. Today, the SEC announces that it will double the staff of a special unit responsible for protecting investors in the cryptocurrency markets.
There are at least twenty new positions open in total, and this department of the SEC is now called the Crypto Assets and Cyber Unit. SEC Chairman Gary Gensler said the move was in response to the growing number of investors who are directly or indirectly exposed to cryptocurrency risk.
Doubling staff and changing name to accompany this new momentum
Therefore, this strengthened division should be better equipped to maintain order in the crypto markets and many related projects. This division of the SEC has already taken more than 80 enforcement actions over the past five years in relation to the offers and services of various fraudulent and/or misreported cryptoassets. In particular, it allowed to return more than 2 billion dollars.
Retail investors have been the first to suffer from abuses in this market, several representatives said, and companies should be able to be held accountable when cyber incidents, whatever they may be, occur.