SEC Boosts Size Of Enforcement’s Crypto Assets And Cyber Unit
The Securities and Exchange Commission has allocated 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) in the Division of Enforcement will grow to 50 dedicated positions.
The 20 additional positions will bolster the ranks of the units supervisors, investigative staff attorneys, trial counsels, and fraud analysts in the agency’s headquarters in Washington, DC, as well as several regional offices.
“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,” said SEC Chair Gary Gensler. “
The unit has brought more than 80 enforcement actions related to fraudulent and unregistered crypto asset offerings and platforms since its creation in 2017, resulting in monetary relief totaling more than $2 billion.
The expanded unit with a focus on investigating securities law violations related to crypto asset offerings, crypto asset exchanges, crypto asset lending and staking products, decentralized finance (DeFi) platforms, Non-fungible tokens (NFTs) and stablecoins.
The unit has already bought several actions against companies registered with the SEC, but failing to appropriately disclose cyber-related risks and incidents as well as failing to maintain adequate cybersecurity controls.
The new Crypto Assets and Cyber Unit will continue to tackle the omnipresent cyber-related threats to the nation’s markets.
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