The SEC is building a SWAT team to combat crypto crime

Clara D. Flaherty

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The Securities and Exchange Fee (SEC) claimed it is increasing its crypto asset enforcement team by incorporating 20 positions, in a shift to bolster its efforts to overcome cybercrime related with cryptocurrency.

See connected article: Peirce dissents from SEC’s US$100M BlockFi settlement

Quick specifics

  • The SEC on Tuesday mentioned that its workers power in a crypto crime-focused unit in just its enforcement division will grow to 50.
  • Virtually doubling the measurement of this device will allow the SEC to discover disclosure and regulate issues with respect to cybersecurity, SEC chairman Gary Gensler reported in a statement.
  • Set up in 2017, the unit has carried out more than 80 enforcement steps involved with fraudulent and unregistered crypto asset offerings, primary to financial reduction totaling at least US$2 billion, the SEC mentioned.
  • In addition to crypto asset offerings, the device will look into alleged violations related to crypto asset lending and staking products, decentralized finance platforms, non-fungible tokens and stablecoins.
  • “The SEC is a regulatory company with an enforcement division, not an enforcement agency. Why are we major with enforcement in crypto?,” SEC Commissioner Hester Peirce tweeted on Wednesday.

See associated post: SEC commissioner Hester Peirce says enforcement is by no means great way to give clarity



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