The SEC revealed in the press release the addition of about new 20 positions which will now bring the agency’s Cyber Unit to a total of 50 dedicated positions. The unit is also now being renamed the Crypto Assets and Cyber Unit. The renaming was an act to reflect the group’s growing mission, The Cyber Unit was first founded within the SEC’s enforcement division in 2017.
A statement by the SEC’s Chairperson, Gary Gensler says, “By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity.” Gensler stated that the SEC “has successfully brought dozens of cases against those seeking to take advantage of investors in crypto markets, by nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and controls issues with respect to cybersecurity.”
Enforcement Director Gurbir Grewal has also applauded the new hires. In a statement, Grewal noted that individual retail investors tend to comprise the bulk of victims of crypto-related securities fraud. Cyber threats continue to pose “existential” risks to the U.S. financial system. Grewal added that “The bolstered Crypto Assets and Cyber Unit will be at the forefront of protecting investors and ensuring fair and orderly markets in the face of these critical challenges,”
The SEC noted that asides from policing cryptocurrency exchanges and coin offerings, the SEC will also be monitoring NFTs, decentralized finance platforms, and stable coins. Generally, the team will be responsible for protecting investors in cryptocurrency markets. The list of open positions will include opportunities for fraud analysts, trial and investigative attorneys, and supervisors, the SEC said.
Recall earlier in the year, US President Joe Biden signed an executive order directing agencies across the federal government to consider new regulations for digital currencies. Biden calls on agencies across the Federal Government to coordinate these efforts in order to gauge the benefits and risks posed by cryptocurrency ownership, and whether to create an American digital currency. The addition of the new 20 employees to the SEC can be said to be one of the growing missions of the United States to ensure transparency and protection of investors in the cryptocurrency markets.