SEC Is Hiring Additional Investigators to Fight Cryptocurrency Fraud

　　According to The Wall Street Journal, the United States Securities and Exchange Commission (SEC) intends to enlarge its special team tasked with investigating cryptocurrency fraud and other criminal actions.

　　The SEC has taken this action in order to bring the unregulated cryptocurrency business under federal regulation.

　　The SEC's Crypto Assets and Cyber Unit will be expanded by twenty investigators and litigators. This unit was established in September 2017 when authorities noted an increase in the number of new digital coins sold to the general public.

　　The SEC's special cryptocurrency unit would have 50 prosecutors and other personnel after the addition of new members. The section will also have a new boss, as the present chief, Kristina Littman, has announced her departure from the agency in June.

　　According to The Wall Street Journal, the SEC indicated that, in addition to cryptocurrency issuers and trading platforms, the unit will investigate novel assets such as non-fungible tokens (NFTs).

　　The SEC filed over 100 cryptocurrency-related enforcement proceedings between 2013 and 2021.

　　SEC Enforcement Director Gurbir S. Grewal stated in a written statement that “crypto markets have expanded in recent years, with regular investors bearing the brunt of abuses in this arena.”

　　“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.”

　　So far, the majority of cryptocurrency inquiries have been resolved through SEC settlements. The SEC is currently suing Ripple Labs and two of its officials over the selling of XRP, a well-known digital token, according to The Wall Street Journal.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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