The Securities and Exchange Commission has announced adding 20 new roles in the unit responsible for protecting investors in crypto markets and from cyber-related threats.
The Crypto Assets and Cyber Unit (recently renamed from Cyber Unit) in the Division of Enforcement and it will also expand with 50 new dedicated positions.
The US has the greatest capital markets because investors have faith in them, and as more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them. 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 controls issues with respect to cybersecurity.
The unit was created in 2017 and since then it has brought over 80 enforcement actions in cases related to fraudulent and unregistered crypto asset offerings and platforms, and has brought monetary relief of over $2 billion.
The expanded Crypto Assets and Cyber Unit will use SEC’s expertise to protect investors in the crypto market. It will focus on investigation securities law violations crypto asset offerings and exchanges, DeFi platforms, NFTs and Stablecoins.
Additionally, the unit has also brought actions against SEC registrants and public companies for failing to maintain adequate cybersecurity controls or to appropriately disclose cyber-related risks.
Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, added:
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. The bolstered Crypto Assets and Cyber Unit will be at the forefront of protecting investors and ensuring fair and orderly markets in the face of these critical challenges.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
