The SEC crypto fraud unit doubles in size

The USA’s Securities and Exchange Commission (SEC) has doubled its crypto assets and cyber unit with another 20 hires.

Crypto fraud is a major concern among investors, regulators, and general consumers. The size of “heists” are rapidly increasing, and crypto scams in 2022 are almost certain to eclipse the record US$7.7 billion stolen in 2021.

In a statement, the SEC claimed that it had already provided more than US$2 billion across 80 enforcement actions with its current team, and the new, expanded team will be able to further scale its efforts.

“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,” SEC Chair, Gary Gensler said in a press release. “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.”

The group is looking to recruit across the full gamut of roles, including supervisors, investigative staff attorneys, trial counsels, and fraud analysts. Their remit will also be broad, encompassing asset exchanges, asset lending and staking products, DeFi platforms, non-fungible tokens (NFTs), and Stablecoins.