Today the Securities and Exchange Commission announced it is increasing the size of its Crypto Assets and Cyber Unit from 30 to 50 people. It will use the additional resources to target securities infringements relating to token offerings, NFTs, exchanges, lending, DeFi and stablecoins.
“Crypto markets have exploded in recent years, with retail investors bearing the brunt of abuses in this space,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The bolstered Crypto Assets and Cyber Unit will be at the forefront of protecting investors and ensuring fair and orderly markets in the face of these critical challenges.”
The SEC says it has brought more than 80 enforcement actions for fraud or unregistered token offerings and resulted in “monetary relief” of $2 billion.