The United States Securities and Exchange Commission has almost doubled the size of its cryptocurrency market and cyber enforcement unit, growing the team to reach 50 positions with the inclusion of 20 new staff members.
Since its launch in 2017, the unit has brought over 80 enforcement actions related to some fraudulent and unregistered crypto asset offerings and platforms, resulting in monetary relief that totaled over $2 billion.
SEC Chair Gary Gensler stated:
“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.”
He said that the infusion of 20 more positions will boost the ranks of its supervisors, trial counsels, investigative staff attorneys, and fraud analysts within the agency’s headquarters in Washington DC, and other regional offices.