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The SEC Crypto Assets and Cyber Unit has announced a team of 50 experts to protect crypto investors.
Increases the number of employees responsible for protecting investors in the digital asset ecosystem from 30 to 50.
SEC Hires More People Focusing on the Crypto Space
The SEC continues to establish comprehensive rules in the crypto space. The company stated that protecting investors is very important.
The Commission has announced that its Unit has been renamed the Crypto Assets and Cyber Unit. In addition, 20 more experts have been added for security. positions in the staff; consultants, personnel lawyers, fraud analysts and auditors.
SEC Chairman Gary Gensler said the US has by far the largest capital markets for investors. As more people invest in crypto, “more resources are needed to protect them.” used the phrases.
“By nearly doubling the size of this key unit, the SEC will be better equipped to monitor wrongdoing in the crypto markets while continuing to identify disclosure and control issues related to cybersecurity,” he said.
Since its inception, Cyber Unit has resolved more than 80 enforcement cases related to fraud and unregistered crypto-asset offerings and swaps. These scams resulted in more than $2 billion in investment losses.
SEC Partnered With CFTC
Gensler announced that the SEC will join forces with the Commodity Futures Trading Commission (CFTC) to oversee crypto exchanges and keep investors safe.
At the time, the executive compared digital asset platforms to alternative trading systems used in equities and fixed income markets. However, he noted that while exchanges “have millions, and sometimes tens of millions, of retail customers trading directly on the platform without a broker,” the latter is primarily used by institutional investors.
Then later, Gensler stated that the SEC would look for ways to address digital asset trading venues such as retail exchanges.
Gesler praised Washington’s regulators for successfully overseeing financial markets over the years.
“We should apply the same protections in crypto markets. Let’s not risk undermining 90 years of securities laws and create some regulatory arbitrage or loopholes.” used the phrases.