Thursday, May 05. 2022
SEC Enhances Division of Enforcement’s Crypto Assets and Cyber Unit
The unit has brought over 80 enforcement actions linked to fraudulent and unregistered crypto asset offerings and platforms. This has resulted in monetary relief of more than $2 billion since its inception in 2017. The unit also has brought numerous actions against SEC registrants and public companies for failing to maintain sufficient cybersecurity controls and for inadequately disclosing cyber-related risks and incidents. The expanded unit will leverage its expertise to provide protection for investors in the crypto markets by investigating securities law violations related to:
- Crypto asset lending and staking products
- Crypto asset exchanges
- Crypto asset offerings
- Stablecoins
- Non-fungible tokens
- Decentralized finance platforms
Recent years have seen the meteoric rise of crypto markets, and retail investors have experienced the majority of abuses in this space. In addition, cyber-related threats continue to present risks to financial markets and participants. The enhanced unit will address both the widespread cyber-related threats the nation’s markets face and uncertainties that new technologies and currencies bring by continuing its endeavor to safeguard investors and guarantee fair and orderly markets.
Source:
SEC Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit (sec.gov)