SEC Chair Gary Gensler Is Staffing Up To Investigate The Crypto Industry

SEC is adding 20 additional regulatory personnel to its Crypto Assets and Cyber Unit division. The new hires would become part of the newly rebranded Crypto Assets & Cyber Unit. The unit has brought more than 80 enforcement actions related to fraudulent and un

Highlights

• Securities and Exchange Commission (SEC) is growing its headcount, an SEC spokesperson told CoinDesk.
• In May 2022, the SEC announced that the agency would hire 20 additional regulatory personnel.
• The new hires would become part of the newly rebranded Crypto Assets and Cyber Unit division, growing to 50 professionals.
• The unit has brought more than 80 enforcement actions related to fraudulent and unregistered crypto asset offerings and platforms, resulting in monetary relief totaling more than $2 billion.
• Public Citizen, a non-partisan nonprofit consumer advocacy group, wrote an open letter praising Gensler for recognizing some crypto firms are issuing unregistered securities and acting as unregistered exchanges, brokers or other regulated financial intermediaries.

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