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The SEC Is Building A SWAT Team To Combat Crypto Crime
The Securities and Exchange Commission (SEC) said it is expanding its crypto asset enforcement team by adding 20 positions, in a move to bolster its efforts to combat cybercrime associated with cryptocurrency.
Himanshu S.
6:54 4th May, 2022
Policy

The SEC on Tuesday said that its staff strength in a crypto crime-focused unit within its enforcement division will grow to 50.

Nearly doubling the size of this unit will enable the SEC to identify disclosure and control issues with respect to cybersecurity, SEC chairman Gary Gensler said in a statement.

Set up in 2017, the unit has carried out more than 80 enforcement actions associated with fraudulent and unregistered crypto asset offerings, leading to monetary relief totaling at least US$2 billion, the SEC said.

In addition to crypto asset offerings, the unit will investigate alleged violations related to crypto asset lending and staking products, decentralized finance platforms, non-fungible tokens and stablecoins.

“The SEC is a regulatory agency with an enforcement division, not an enforcement agency. Why are we leading with enforcement in crypto?,” SEC Commissioner Hester Peirce tweeted on Wednesday.

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