SEC nearly doubles crypto enforcement unit, citing fraud risk in booming market
Posted On May 3, 2022
The US Securities and Exchange Commission (SEC) announced Tuesday that it will close to double its cryptocurrency enforcement division, adding another 20 positions to the Crypto Assets and Cyber Unit — which has been newly renamed from the “Cyber Unit.” The total number of staff will rise from 30 to 50, increasing the agency’s ability to prosecute securities law violations related to new crypto products.
In a press release, the SEC cited a booming period for crypto markets and a corresponding responsibility to keep investors safe from the growing risk of fraudulent investment schemes.
“Crypto markets have exploded in recent years, with retail investors bearing the brunt of abuses in this space. Meanwhile, cyber-related threats continue…