SEC doubles down on crypto regulation by expanding unit
The United States Securities and Exchange Commission (SEC) announced Tuesday that it would nearly double the number of personnel responsible for safeguarding investors in cryptocurrency markets. As per the announcement, the SEC’s Cyber Unit, which includes the Crypto Assets and Cyber team, will hire 20 new people for 50 dedicated positions. The SEC stated that the 20 hires would include investigative staff attorneys, trial lawyers and fraud analysts. Chair Gary Gensler praised the appointments as long overdue and essential to overseeing one of Wall Street’s newest and most popular sectors. This is welcome news to many who have been concerned about the potential for market manipulation and other fraudulent activities in the crypto space. In recent months, the SEC’s crypto unit “has successfully brought dozens of cases against those seeking to take advantage of investors in crypto markets,” Gensler stated.