The SEC Is Doubling Down On Cryptocurrency Regulation By Expanding Its Section.

2022-05-03 | Selina Mathew

The SEC Is Doubling Down On Cryptocurrency Regulation By Expanding Its Section.

The Securities and Exchange Commission (SEC) of the United States stated on Tuesday that it will almost increase the number of employees in charge of protecting investors in cryptocurrency marketplaces.

The SEC's Cyber Unit, which comprises the Cryptocurrency Assets as well as Cyber team, would hire 20 additional employees for 50 specialised roles, according to the release.

According to the SEC, the 20 new positions will comprise investigative staff attorneys, trial lawyers, as well as fraud analysts. Chair Gary Gensler applauded the selections, saying they were long-delayed and necessary for monitoring one of Wall Street's youngest as well as most prominent areas.

Numerous people have been worried about the possibility of market rigging as well as other fraudulent activity in the cryptocurrency area, so this is excellent news.

The announcement follows almost eight months of asking for additional workers. According to reports, Gensler told legislators that his agency required much more employees to deal with the ever-rising number of innovative financial technology.

The previous month, Gensler stated that the SEC's safeguards for traditional asset investors should also extend to cryptocurrency traders. Gensler has pushed crypto businesses with securities to register in order to protect investors, using a "come in and talk to us" strategy. Many cryptocurrency businesses have decried the shortage of regulatory certainty in the United States, which is impacted by multiple institutions such as the SEC, Commodity Futures Trading Commission, and Financial Crimes Enforcement Network.

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