SEC Adds Crypto Enforcement Headcount

The US Securities and Exchange Commission (SEC) is seeking to hire general attorneys in New York, San Francisco, and Washington, D.C. for its Crypto Assets and Cyber Unit (CACU) in its Division of Enforcement.

The CACU is responsible for investigating and prosecuting securities law violations involving crypto assets and cyber issues. The CACU’s work is essential to protecting investors and ensuring the integrity of the crypto markets.

The general attorneys who are hired for the CACU will be responsible for conducting complex, fast-moving investigations. They will also be responsible for drafting subpoenas or document requests, questioning witnesses through interviews, evaluating evidence, and more.

The announcement comes shortly after SEC Chair Gary Gensler asked for nearly $2.4 billion in funding for the purpose of chasing down crypto “misconduct” on March 29. Gensler has been a vocal critic of the crypto industry, and he has said that he believes that the industry is rife with fraud and abuse.

The SEC’s hiring of general attorneys for the CACU is a sign that the agency is serious about cracking down on crypto fraud. However, some industry insiders worry that the SEC’s regulations will “choke” the sector and prevent innovation.

Only time will tell how the SEC’s regulations will impact the crypto industry. However, the hiring of general attorneys for the CACU is a clear sign that the SEC is taking the industry seriously.