The Securities and Exchange Commission said Tuesday that it will add 20 positions to its newly named Crypto Assets and Cyber Unit — as well as expand the unit’s enforcement focus — to protect investors in crypto markets and from cyber-related threats.
The unit, formerly called the Cyber Unit, is housed with the Division of Enforcement and will grow to 50 dedicated positions.
“The U.S. has the greatest capital markets because investors have faith in them, and as more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them,” said SEC Chairman Gary Gensler in a statement.
The Division of Enforcement’s Crypto Assets and Cyber Unit “has successfully brought dozens of cases against those seeking to take advantage of investors in crypto markets,” Gensler said. “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.”