Here’s how the agency is planning to use those new roles to combat crypto wrongdoing.
The Securities and Exchange Commission is nearly doubling its unit dedicated to cyber crimes in an effort to delve more into crypto-related enforcement. The federal agencyTuesday it is adding 20 positions, including investigative staff attorneys, trial counsels, fraud analysts, and supervisors, to be “better equipped to police wrongdoing in the crypto markets.”
“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,” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement, in a. “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.
Over the past five years, the SEC says the unit had pursued more than 80 investigations into “fraudulent and unregistered crypto,” recovering more than $2 billion. Still,quotes SEC Chairman Gary Gensler referring to the $1.7 trillion crypto market as the “Wild West,” as it has operated with limited federal oversight so far.
, other federal agencies have similarly upped their investments into crypto operations in recent months.
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