US regulatory body seeks to increase the potential to regulate Crypto & cyber crime

The Securities regulatory body of the United States revealed that it will expand its unit to regulate the crypto market. 

The US Securities and Exchange Commission (SEC) is a regulatory body, which is responsible to regulate the spot money market, which includes crypto. Futures market regulation is currently under the hand the of US CFTC agency. Last month, both these two bodies tried to bring better communication to bring precise regulation on the crypto industry, where few digital assets fall under the Securities and also in the non-securities category. 

On 3 May, the SEC agency issued its official announcement about its plan to expand the unit of the agency to increase the regulation work with better capacity. 

According to the announcement, the agency will increase its unit by double. It will hire 20 new people for 50 dedicated positions. The new hiring will work to handle the cyber unit in the agency, which includes Crypto Assets and the Cyber team. 

The new hiring will include the positions and roles for especially investigative staff attorneys, trial lawyers, and fraud analysts. 

Gary Gensler, Chairman of the SEC agency, appreciated the move of the agency to expand its unit to bring better regulation and control on the market manipulation and other fraudulent activities in the crypto space.

SEC chairman also stated that agency detained huge entities in recent months, who were taking advantage of the crypto investors, in unfair ways. 

Gary added: 

“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 concerning cybersecurity.”

Last year, the SEC chair proposed to hire personnel to increase the potential of the agency to handle the regulatory works. Around a month ago, Gary said that the regualtory framework and rules should be equally applicable to the crypto investors like stock or traditional assets investors. 

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