US’s Securities and Exchange Commission is increasing its personnel of its crypto enforcement team with an additional 20 new faces. SEC announced this on Tuesday, and more specifically, the team that will be re-enforced is responsible for safeguarding crypto market participants from cyber attacks. The total number of units (agents) has increased to 50.
The crypto enforcement team is aptly named the Crypto Assets and Cyber Unit whose responsibilities include managing securities law violations legal enforcement on decentralized finance (DeFi) platforms, stablecoins, NFTs, lending platforms, and crypto exchanges.
The updated team will include brand new positions being held in supervisory roles, trial counsels, fraud analysts, and investigative staff attorneys.
The Chair of SEC Gary Gensler commented that with the greatest capital market that is currently the United States, come a heap of responsibilities, concerned with client protection, that must get allocated with resources. He continued his statement, disclosing that with the increase in staff SEC will “be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity,”
The market supervisor established the crypto enforcement unit back in 2017, and since its inception it has brought down more than 80+ crypto related frauds that have been calculated to be worth around $2 billion.