SEC Doubles Size of Crypto Assets and Cyber Enforcement Unit

Posted on May 6th, 2022 at 1:10 PM
SEC Doubles Size of Crypto Assets and Cyber Enforcement Unit

From the Desk of Jim Eccleston at Eccleston Law:

The Securities and Exchange Commission (SEC) has added 20 new positions to the enforcement unit responsible for protecting investors in crypto markets and from cyber-related threats. 

The newly branded Crypto Assets and Cyber Unit will be comprised of 50 dedicated positions in the Division of Enforcement. The unit already has commenced nearly 80 enforcement actions pertaining to fraudulent and unregistered crypto asset offerings since its inception in 2017, and has obtained monetary relief of at least $2 billion. The Crypto Assets and Cyber Unit will serve to protect investors in the crypto markets, with an emphasis on investigating crypto asset offerings, crypto asset exchanges, crypto asset lending and staking products as well as non-fungible tokens (NFTs). 

The unit additionally has filed several actions against SEC registrants and public companies for failing to implement adequate cybersecurity controls and for failing to disclose cybersecurity risks and incidents. The addition of 20 new positions into the Crypto Assets and Cyber Unit will enable the agency to hire additional investigative staff attorneys, trial counsels and fraud analysts. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.


Tags: eccleston law, sec, crypto

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