The main American financial regulator, the Securities and Exchange Commission, revealed that it will nearly double its workforce with a mandate to protect investors in the digital asset ecosystem. The team Crypto Assets and Internet will be completed by 20 people with a total of 50 experts.
SEC renames the unit and doubles its strength.
The SEC has long advocated for comprehensive rules in space crypto. The agency highlighted the significant progress made by the industry in recent years, but also warned that investors should be given maximum protection when entering the industry.
In a recent press release, the Commission announced that its division Internet was renamed ” Crypto Assets and Internet Department ». He has also added 20 people which should maintain adequate oversight of the industry and provide security for investors. Other positions include lawyer, fraud analyst and supervisor.
SEC Chairman Gary peoplebelieves that the United States has the largest capital markets because investors trust it”. As more and more people invest in cryptocurrencies, it becomes increasingly important to devote more resources to protecting them.
people highlighted : “By nearly doubling the size of this critical division, the SEC will be better able to police wrongdoing in the crypto market. »
The Internet Unit has resolved over 80 law enforcement cases related to fraudulent and unrecorded listings and transactions of crypto assets since its launch. These scams cost investors more than $2 billion. In addition to platform oversight, the renamed unit will focus on non-fungible tokens (NFT) and the stablecoins.
Bonus: Hawaii will create a task force for crypto regulation.
The collaboration between the SEC and the CFTC
Earlier this year, people revealed that the SEC will work with the Commodity Futures Trading Commission (CFTC) to oversee cryptocurrency exchanges and enhance investor protection.
At the time, the executive compared the digital asset platform to alternative trading systems used in the equity and fixed income markets. However, he argues that the latter is mainly used by institutional investors, while the stock exchange “has millions, if not tens of millions of retail customers buying and selling directly on the platform without going through a broker.”
In effect, people said the SEC would look for ways to deal with digital asset trading platforms such as retail exchanges. Afterwards, the president praised Washington regulators for their successful oversight of financial markets over the years. He expressed hope that this trend will continue in the cryptocurrency space as well:
“We should have the same protections for crypto markets. We are not at risk of violating 90-year-old securities laws and creating regulatory arbitrage or loopholes. »
To go further: Crypto.com announces the reduction of its card rewards and the removal of staking rewards.
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The SEC is expanding its crypto investigations division to bolster investor protection.
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