Securities and Exchange Commission (SEC) is expanding agents To its cryptoDivision focusing on a specific topic as it Continues to grow up enforcements.
In May, the agency stated that it It would hire 20 additional employees for its Crypto Assets and Cyber Unit. This would make the total of the units to 50. It is close to filling all the spots. CoinDesk reportedAnd plans to even increase it. more The future will see more employees joining the unit, however it didn’t say how many.
In the following: statement from MayThe agency stated that it had received $1 million in Crypto Assets and Cyber Unit. more More than 80 enforcement actions against unregistered crypto Since 1995, asset platforms and offerings it was created in 2017 and has resulted in monetary relief more Over $2 Billion
It SEC didn’t immediately respond to The Sunday Review’s request for comment.
Additions to cryptoYou can order a specific unit as The SEC Gary Gensler, chairman of the board, has brought an explosion of enthusiasm to the table. enforcement Actions against the crypto Recent months have seen an increase in the number of people working in this industry. Leaders in this space include as Brian Armstrong, CEO of Coinbase has called for an increase in a “clear rule book” crypto assets, and have criticized Gensler’s regulation-by-enforcement approach.
Last month, the agency reached an agreement to settle with the U.S.-based crypto Over allegations of its corruption, Kraken exchanged for $30 Million “staking” Customers could purchase unregistered securities through the product. Kraken accepted to close the product. it did not deny or admit to the agency’s allegations.
It SEC Also indirectly, hit the top crypto Say what you think about Binance exchange last month it Paxos was to be sued as the U.S.-based creator and maintainer of BUSD (the stablecoin which uses its name). In a notice sent to Paxos, the agency stated that BUSD is not a registered security.
The company Terraform Labs was also reprimanded by the government. Do Kwon runs the Terraform Labs. spectacularly failed last year resulting in billions of dollars in losses for investors. It was the SEC Kwon, Terraform Labs, and Kwon were charged with fraud and sale of securities that weren’t registered.
Gensler has continued to increase pressure on the industry in the wake of FTX’s bankruptcy late last year. This SEC The chairman previously stated that crypto Is the “Wild West,” Moreover, most of the digital tokens could be considered securities.
Gensler stated that at a Thursday conference, crypto Swaps should also not be considered qualified custodians They are able to store assets including crypto currencies and warn investment advisors against working with them.
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