The US Securities and Exchange Commission (SEC) has significantly expanded its crypto market and cyber enforcement unit, increasing its team to 50 members with the addition of 20 new staffers.
Since the establishment of this unit in 2017, it has initiated over 80 enforcement actions addressing fraudulent and unregistered crypto asset offerings and platforms, resulting in more than $2 billion in monetary relief.
SEC Chair Gary Gensler emphasized the importance of this expansion, stating, “The US has the greatest capital markets because investors have faith in them. As more investors access the crypto markets, it’s increasingly important to allocate resources to protect them. The Division of Enforcement’s Crypto Assets and Cyber Unit has effectively pursued numerous cases against those seeking to exploit investors in these markets. By nearly doubling the size of this crucial unit, the SEC will be better positioned to address misconduct in the crypto sector while also tackling disclosure and cybersecurity control issues.”
This increase in staffing will enhance the capabilities of supervisors, investigative attorneys, trial counsels, and fraud analysts located in the SEC’s headquarters in Washington, DC, as well as in several regional offices.