SEC Nearly Doubles Crypto Enforcement Unit — Regulator Says ‘Crypto Markets Have Exploded in Recent Years’

The U.S. Securities and Exchange Commission (SEC) has astir doubled the size of its Enforcement Division’s crypto unit. SEC Chairman Gary Gensler said the regulator “will beryllium amended equipped to constabulary wrongdoing successful the crypto markets portion continuing to place 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 astir doubled the size of the Division of Enforcement’s portion “responsible for protecting investors successful crypto markets and from cyber-related threats.”

Citing “the allocation of 20 further positions to the unit,” the SEC detailed:

The recently renamed Crypto Assets and Cyber Unit (formerly known arsenic the Cyber Unit) successful the Division of Enforcement volition turn to 50 dedicated positions.

The portion has brought much than 80 enforcement actions related to fraudulent and unregistered crypto plus offerings and platforms since its instauration successful 2017, the SEC revealed, noting that they resulted successful monetary alleviation totaling much than $2 billion.

SEC Chair Gary Gensler added that the portion “has successfully brought dozens of cases against those seeking to instrumentality vantage of investors successful crypto markets.” He elaborated:

By astir doubling the size of this cardinal unit, the SEC volition beryllium amended equipped to constabulary wrongdoing successful the crypto markets portion continuing to place disclosure and controls issues with respect to cybersecurity.

The expanded crypto portion volition absorption connected securities instrumentality violations involving crypto plus offerings, crypto exchanges, lending and staking products, decentralized concern (defi) platforms, non-fungible tokens (NFTs), and stablecoins.

Gurbir S. Grewal, manager of the SEC’s Division of Enforcement, commented:

Crypto markets person exploded successful caller years, with retail investors bearing the brunt of abuses successful this space. Meanwhile, cyber-related threats proceed to airs existential risks to our fiscal markets and participants.

What bash you deliberation astir the SEC doubling the size of its crypto enforcement unit? Let america cognize successful the comments conception below.

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