The US Securities and Exchange Commission (SEC) has introduced a new division focused on preventing fraud in the crypto and emerging technology industries.
Announced on February 20, the Cyber and Emerging Technologies Unit (CETU) aims to protect investors from scams tied to blockchain, digital assets, and other online platforms.
This unit replaces the SEC’s Crypto Assets and Cyber Unit and will consist of around 30 fraud investigators and attorneys across various SEC offices. Their work will target fraudulent and unregistered crypto offerings, misleading investment schemes, and scams that exploit new technologies.
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A Washington, DC-based attorney, Laura D’Allaird, will lead the unit. She previously oversaw the SEC’s Crypto Assets and Cyber Unit and also worked as counsel for SEC Commissioner Jaime Lizárraga.
Acting SEC Chair Mark Uyeda emphasized that the new unit is not only about enforcement but also about ensuring that technological innovation can develop safely and transparently. He stated:
The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow.
Uyeda added that the SEC’s goal is to prevent bad actors from misusing new technologies in ways that could damage investor trust.
Recently, John Reed Stark, a former SEC attorney, shared his views on the SEC’s legal battles with cryptocurrency firms. What did Stark say? Read the full story.
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