The SEC strengthens its unit dedicated to the fight on the crypto market: doubled staff and change of name to accompany this new impetus.
Cryptocurrency is on the rise, to say it is an understatement. If many completely benevolent projects are emerging every week in the four corners of the globe, all is obviously not rosy and these new technologies, however promising they may be, also offer new possibilities to malicious people. It is appropriate for governments to protect themselves and their citizens. What the United States with a dedicated unit.
The SEC strengthens its unit dedicated to the fight in the crypto market
Across the Atlantic, it is the sacrosanct Securities and Exchange Commission, often abbreviated SEC – the American federal organization of regulation and control of the financial markets – which is in charge of this surveillance and repression. Today, the SEC announces that it will double the size of the staff of a special unit responsible for protecting investors in the crypto markets.
In total, no less than twenty new positions are open and this department of the SEC is now called Crypto Assets and Cyber Unit. SEC Chairman Gary Gensler said the move was made in response to the growing number of investors finding themselves, directly or indirectly, exposed to crypto.
Staff doubled and change of name to accompany this new impetus
This reinforced unit should therefore be better equipped to maintain order in the crypto markets and the many projects associated with them. This division of the SEC has already carried out more than 80 enforcement actions concerning offers and services of various fraudulent and/or not properly declared crypto-assets over the past five years. In particular, this made it possible to recover more than 2 billion dollars.
According to several representatives, retail investors have been the first to be affected by abuses in this market, and companies must be able to be held responsible when cyber incidents, whatever they are, take place.
