The SEC intends to increase its Cyber unit’s staff by 20 people, including investigators as well as litigators.
There will be an additional 20 people working for the Securities & Exchange Commission’s cyber branch, which looks into cryptocurrency fraud and other forms of wrongdoing.
When it comes to cybersecurity, “the SEC will be better able to police misconduct in the crypto markets while continuing to uncover transparency and control vulnerabilities,” SEC Chairman Gary Gensler stated in a statement on Tuesday.
With the new hires, the unit’s staff will rise to 50 people, including attorneys and investigators who will concentrate on cryptocurrency issuers and trading platforms, as well as NFTs, Defi platforms and stablecoins.-based cryptocurrencies.
“The dissemination of misleading information via electronic and social media, hacking and threats to trading platforms” was the stated goal of the SEC’s cyber team, which was established in September 2017 amid the ICO boom.
When it comes to fraud and other wrongdoing, the SEC has launched more than 80 enforcement proceedings, with Ripple Labs and two of its executives being the most high-profile example. In December 2020, the SEC filed charges against this case for the first time.
The Wall Street Journal reports that the SEC’s cyber branch will have a new boss in June, as current chief Kristina Littman is stepping down. As of December 2019, Littman serves as the SEC’s cyber section head. She has worked for the SEC since 2010.
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