The U.S. SEC said the division will be renamed the ‘Crypto Assets and Cyber Unit’ and will have a total of 50 employees
The U.S. Securities and Exchange Commission said on Tuesday it will add 20 positions to its enforcement unit for crypto markets in its push to curb fraudulent activities in the hot digital space.
“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,” SEC Chair Gary Gensler said. Much of crypto trading is based in offshore jurisdictions and operates in a regulatory gray area, with no centralized system of oversight. Trading can bypass the traditional gatekeepers of finance, such as banks and exchanges.
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