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SEC Expands Crypto Enforcement Staff
Practical Law Legal Update w-035-5049 (Approx. 4 pages)
SEC Expands Crypto Enforcement Staff
by Practical Law Finance
| Published on 09 May 2022 • USA (National/Federal) |
The SEC has renamed its cyber unit the Crypto Assets and Cyber Unit and plans to add 20 positions to the newly renamed unit.
On May 3, 2022, the SEC announced the renaming of its cyber unit to the Crypto Assets and Cyber Unit, and its plan to nearly double the size of the unit by adding 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. Since it was created in 2017, the unit has brought more than 80 enforcement actions related to fraudulent and unregistered crypto-asset offerings and platforms. With the new expansion, the unit will focus on:
- Investigating securities laws violations related to:
- Crypto-asset offerings;
- crypto-asset exchanges;
- crypto-asset lending and staking products;
- decentralized finance (DeFi) platforms;
- non-fungible tokens (NFTs); and
- Ensuring that SEC registrants and public companies maintain adequate cybersecurity controls and disclose cyber-related risks and incidents.
- Cyber-related threats to US markets.