The U.S. Securities and Exchange Commission (SEC) has nearly doubled the size of its Enforcement Division’s crypto unit. SEC Chairman Gary Gensler said the regulator “will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity.”
SEC Strengthens Enforcement Division’s Crypto Unit
The U.S. Securities and Exchange Commission announced Tuesday that it has nearly doubled the size of the Division of Enforcement’s unit “responsible for protecting investors in crypto markets and from cyber-related threats.”
Citing “the allocation of 20 additional positions to the unit,” the SEC detailed:
There will be 50 new positions in the Division of Enforcement’s newly renamed Cyber Assets and Cyber Unit.
Since its inception in 2017, more than 80 enforcement actions have been brought by the unit in relation to unregistered and fraudulent crypto asset platforms and offerings. The SEC noted that these cases resulted in more than $2B in monetary relief.
SEC Chair Gary Gensler added that the unit “has successfully brought dozens of cases against those seeking to take advantage of investors in crypto markets.” He elaborated:
The SEC is doubling its size to be better equipped for the police in crypto markets. It will also continue to address cybersecurity disclosures and controls concerns.
This expanded unit will be devoted to securities law violations in crypto asset offerings and crypto exchanges. It also includes lending and staking products.
Gurbir S. Grewal, director of the SEC’s Division of Enforcement, commented:
In recent years, crypto markets have seen a surge in popularity with many retail investors suffering from the abuses. Cyber-related risks continue to present existential threats to financial markets and participants.
How do you feel about the SEC increasing the size of the crypto enforcement section? Please comment below.
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