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Regulators continue to eye crypto markets

Written on May 19, 2022

The SEC announced May 2 that it is nearly doubling the size of the unit responsible for protecting investors in crypto markets and from cyber related threats.  The newly renamed Crypto Assets and Cyber Unit, which is part of the Division of Enforcement will now have 50 staff members. 

The SEC said the expanded unit will "ensure investors are protected in the crypto markets, with a focus on investigating securities law violations related to: 

  • Crypto asset offerings 

  • Crypto asset exchanges 

  • Crypto asset lending and staking products 

  • Decentralized finance (DeFi) platforms 

  • Non-fungible tokens (NFTs) 

  • Stablecoins 

These two events in the past week, coming on the heels of President Biden's March 9, 2022, executive order outlining a "whole-of-government" approach to examining a broad range of potential risks associated with the dramatic growth in digital assets, including cryptocurrencies are part of a larger continuing trend of increased awareness of crypto and the government's sprint to catch up.