SEC nearly doubles cryptocurrency staff to tackle rampant market abuse

The Securities also Exchange Commission announced on Tuesday. That it would double its staff responsible for protecting investors in the cryptocurrency market.

The crypto asset regulator and cybernetics team, a unit of the SEC’s broader law enforcement division, will add 20 to its staff for 50 specialized positions.

The High Street Law Enforcement Authority said the additional 20 would include investigative advisors, litigators, and fraud analysts. Both SEC President Gary Gensler and Director of Law Enforcement Gurbir Grewal hailed the lease. As late also key to regulating one of Wall Street’s newest and hottest industries.

GENSLER SAID THAT the SEC’s crypto unit has “successfully filed dozens of lawsuits. Against those who tried to exploit investors in the crypto market,” Gensler said. “By nearly doubling the size of this crucial entity, the SEC will be better equipped to control crypto market breaches. While continuing to identify cybersecurity detection and control issues.

Grewal added that individual retail investors typically make up the majority of victims of cryptocurrency-related securities fraud. He also said that cyber ​​threats continue to pose an “existential” risk to the US financial system.

“The Cryptocurrency and Assisted Cybernetics division will be at the forefront of protecting investors. And ensuring fair also orderly markets in these critical challenges,” Grewal said in a statement.

The announcement comes nearly eight months after Gensler complained to lawmakers. That his agency needed more staff to cope with the volume of new and complex financial technology.

In September, Gensler told Senator Catherine Cortes Masto, D-Nev., that regulators could use “more people” to evaluate and regulate about 6,000 new digital projects.