The US SEC's Crypto Assets and Cyber Unit will consist of 50 experts who will work for maximum protection for crypto investors, the agency said.
The US SEC’s Crypto Assets and Cyber Unit will consist of 50 experts who will work for maximum protection for crypto investors, the agency said.
America’s top financial watchdog – the Securities and Exchange Commission – disclosed it will almost double the size of its employees, responsible for protecting investors in the digital asset ecosystem. The Crypto Assets and Cyber team will be topped up with 20 people, reaching a total of 50 experts.The SEC has long advocated setting up comprehensive rules in the crypto space.
Gary Gensler – Chairman of the SEC – argued that the US has the “greatest capital markets because investors have faith in them.” As more people invest in crypto, “it is increasingly important to dedicate more resources to protecting them.” “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,” he explained.
Since its creation, the Cyber Unit has resolved more than 80 enforcement cases related to fraudulent and unregistered crypto-asset offerings and exchanges. Those scams resulted in investor losses of more than $2 billion. Apart from monitoring platforms, the renamed division will focus on non-fungible tokens and stablecoins, too.
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