This article will discuss, "What is SEC Planning To Keep Growing Crypto Unit as Enforcement Ramps Up?" Let's get started.
What is SEC Planning To Keep Growing Crypto Unit as Enforcement Ramps Up?
The US Securities and Exchange Commission (SEC) may ramp up its recent surge of cases targeting crypto firms by once again boosting the size of its digital assets enforcement squad.
In May 2022, the regulator, which has been aggressively targeting the cryptocurrency industry under the direction of Chair Gary Gensler, announced the addition of 20 new employees to its newly called Crypto Assets and Cyber Unit that Cyber Unit. The 50-person operation was now ub almost do size, and an SEC representative told CoinDesk that the additional positions "are nearly filled."
The agency is currently "planning to add additional people" to that unit, the spokesperson said on Wednesday, further emphasizing how important the SEC views enforcement of digital assets as being. The spokesperson didn't disclose how many new positions would be added.
Over the past few years, the regulator has maintained a steady flow of cryptocurrency cases, but recent weeks have seen a spate of enforcement actions and accusations that could serve as the foundation for a kind of informal digital asset policy in the absence of the formal cryptocurrency policy that the industry has been requesting. Several of the cases are based on SEC claims that most digital tokens, including FTX's exchange token FTT and the yield products at several firms, are unregistered securities. Also, it recently charged Kraken with providing securities improper manner through its staking business.
Last month, the regulator charged Terraform Labs and co-founder Do Kwon with intentionally misleading investors about the power of the doomed terraUSD stablecoin and – again – selling unregistered securities.
But many crypto lawyers' biggest SEC fear is the agency will finally make an aggressive case against the major trading platforms that they're running illegal, unregistered exchanges and need to stop.
“Come into compliance,” Gensler said during a discussion last month with reporters about the crypto industry. “Provide the time-tested disclosures and protections to their investors. It’s not really a choice, that’s the law.”
What is SEC Planning To Keep Growing Crypto Unit as Enforcement Ramps Up? - Hopefully, this article can help you to get some knowledge.
