The US Securities and Exchange Commission announced Tuesday that it will close to double its cryptocurrency enforcement division, adding another 20 positions to the Crypto Assets and Cyber Unit — which has been newly renamed from the “Cyber Unit.” The total number of staff will rise from 30 to 50, increasing the agency’s ability to prosecute securities law violations related to new crypto products.
“Crypto markets have exploded in recent years, with retail investors bearing the brunt of abuses in this space. Meanwhile, cyber-related threats continue to pose existential risks to our financial markets and participants,” 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,” Grewal said.
As cryptocurrency has become more available to retail investors, fraud and abuse have kept pace. One prominent type of scam is known as a rug pull, where the operators of a project solicit investment, promise big returns, and simply abscond with the money — as happened recently with a
But they leave the stock market open to fraud and manipulation…
SEC do you take care of scam bot?