The SEC is ramping up its crypto enforcement capabilities in response to the growing threat of cybercrime.
The recent statement from the SEC emphasizes its commitment to cryptocurrency, showcased in a press release shared on May 3 titled, \" The SEC has nearly doubled the workforce within its Crypto Assets and Cyber Unit. .”
This means we are seeing a significant increase in regulatory 'crypto law enforcement.' By adding 20 new team members, the SEC aims to bolster its defenses for cryptocurrency investors against cyber threats (think of activities like theft or compromised crypto wallets). With these new additions, their dedicated team will total 50, and the unit will undergo a name change from the Cyber Unit to the Crypto Assets and Cyber Unit. hacking and stealing NFTs In his statement, SEC Chair Gary Gensler emphasized that as more individuals enter the cryptocurrency markets, enhancing protective measures is essential.
He added, \"By significantly increasing the resources for this crucial division, the SEC will be in a stronger position to address misdeeds in cryptocurrency markets while also tackling issues related to disclosure and cybersecurity controls.”
For those curious about the unit's specific areas of focus concerning cryptocurrencies, here’s a succinct bullet list from the SEC:
The unit will examine products related to crypto asset lending and staking;
- Crypto asset offerings;
- Crypto asset exchanges;
- It will monitor decentralized finance (DeFi) platforms;
- Since its inception five years ago, the SEC claims the unit has initiated over 80 enforcement actions against fraudulent and unregistered crypto asset offerings and platforms, securing over $2 billion in monetary relief.
- Non-fungible tokens (“NFTs”); and
- Stablecoins.
The Crypto Assets and Cyber Unit has a challenging agenda ahead.
It was reported earlier this year that in 2021 alone, cybercriminals managed to abscond with a staggering $14 billion in cryptocurrency, representing a 79% increase from the previous year. By the end of April... Fortune reported It's estimated that thieves managed to swipe $1.3 billion in cryptocurrency during the first quarter of 2022. Bitcoin.com reported Given the current trajectory, the SEC may find it necessary to expand its team once more before the year concludes.
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In line with the Trust Project guidelines The managing editor of cryptocurrencylistings.com, previously the Deputy Digital Editor at Maxim magazine. My work has appeared in Observer, Inside Hook, Android Police, and Motherboard. I'm also the author of the official \"Better Call Saul\" tie-ins titled \"Don’t Go to Jail\" and \"Get Off the Grid.\"
