The United States Securities and Exchange Commission (SEC) has nearly doubled the number of positions available in its Crypto Assets and Cyber Unit, a special division under the Division of Enforcement created to tackle crypto-related crimes and other cyber activities.
SEC Nearly Doubles Crypto Team
The regulator said it allocated 20 new positions to the division in an attempt to bring the unregulated cryptocurrency industry under government supervision.
“Crypto markets have exploded in recent years, with retail investors bearing the brunt of abuses in this space. Meanwhile, cyber-related threats continue to pose existential risks to our financial markets and participants,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
As new cryptocurrencies continue to emerge into the market, the Commission said it will do its best to protect the interests of investors in the U.S. by equipping its crypto unit with more hands to combat the increasingly nefarious activities in the industry.
Enhancing Investors Protections
The division will oversee the protection of investor assets to ensure reliable, efficient and orderly markets across the country. According to the regulator, the new positions will increase the unit’s total workforce to 50.
Additionally, the Crypto Assets and Cyber Unit will be in charge of investigating securities law violations related to crypto offerings, crypto exchanges, decentralized finance (DeFi), non-fungible tokens (NFTs) and others.
Since the launch of the unit back in 2017, the special task force has nailed more than 80 enforcement disputes linked to fraud and unregistered crypto asset offerings. These cases have led to the recovery of $2 billion from the defaulters, according to the SEC.
‘The Division of Enforcement’s Crypto Assets and Cyber Unit has successfully brought dozens of cases against those seeking to take advantage of investors in crypto markets. By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and control issues with respect to cybersecurity,” SEC chairman Gary Gensler said.
Gensler also noted that the United States has the largest markets and this is because investors trust them to protect their interests as they continue to explore the crypto industry.
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