On May 3, the U.S. Securities Exchange Commission (SEC) announced that the newly renamed Crypto Assets and Cyber Unit will grow to fifty positions, nearly doubling in size. The agency’s allocation of resources to the unit, which is responsible for protecting investors in crypto markets and from cyber-related threats, reflects the SEC’s increased focus on the enforcement of cryptocurrency fraud.
“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 Chair Gary Gensler. “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. 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.”
As in all areas of the SEC’s enforcement efforts, whistleblowers will play a key role in the success of the Crypto Assets and Cyber Unit. Individuals who report cryptocurrency fraud to the SEC can qualify for monetary award and anti-retaliation protections. Through the SEC Whistleblower Program, qualified whistleblowers, individuals who voluntarily provide the SEC with original information that leads to a successful enforcement action, are entitled to awards of 10-30% of...
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