US SEC Is Expanding Its Crypto Enforcement Unit

by in Cryptocurrency News

SEC crypto unit

The US financial watchdog, Securities and Exchange Commission revealed the decision to have 20 new positions to its enforcement unit for the crypto industry to prevent fraud cases in the sector.

Related: Head of the SEC is ready to unite with departments for crypto regulation

Changing its name to Crypto Assets and Cyber Unit (previously Cyber Unit) and it will expand to 50 employees. Gary Gensler, the Chair of the agency said that the US capital markets are the greatest as investors trust them. He mentioned that as more people invest in crypto, it is essential to add resources to protect them. Among the new employees will be investigative staff lawyers, trial lawyers and fraud analysts.

The agency informs that created in 2017, the unit has taken more than 80 crypto-related regulatory actions against fraudulent and unlisted crypto offerings and platforms that caused a relief of $2 bln. The unit will focus on finding out securities law violations related to crypto offerings, trading and staking products, non fungible tokens (NFTs), stablecoins, etc.

In April, while talking about the need for crypto regulations, Gensler said the SEC considers working with the Commodity Futures Trading Commission to regulate the space.