The US Securities and Exchange Commission announced 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 SEC cited a booming period for crypto markets and a corresponding responsibility to keep investors safe from the growing risk of fraudulent investment schemes.
Gurbir S. Grewal, director of the SEC’s Division of Enforcement says Crypto markets have exploded in recent years, with retail investors bearing the brunt of abuses in this space.
Grewal says 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.