The U.S. securities regulator will hire 20 more people to monitor coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. offerings, non-fungible tokens and decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. finance.
La U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC). (SEC) is hiring an additional 20 law enforcement employees for the unit that protects investors from crypto scams and cyber threats.
These new employees bring to 50 the number of staff dedicated to investigating securities law violations in fields such as cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. offerings (ICOs), exchanges crypto, loan products and staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. of cryptocurrencies, stablecoins, non fungible in cryptocurrency, fungibility is when a coin or token can be replaced by any other identical coin or token. tokens (NFT) and decentralized finance (DeFi).
Since 2017, the unit has brought more than 80 enforcement actions for fraudulent and unregistered offerings, with monetary relief totaling more than USD $2 billion.
SEC Chairman Gary Gensler said: “ The U.S. has the best capital capital is most commonly defined as the large sum of money you would use to invest. markets because investors have faith in them, and as more investors access the cryptomarkets, it is increasingly important to devote more resources to protecting them.”
He added: “The Division of Enforcement’s Crypto and Cyber Assets Unit has successfully brought dozens of cases against those seeking to take advantage of investors in the cryptomarkets. By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the cryptomarket. markets while continuing to identify disclosure and control issues with respect to cybersecurity.”
The Cryptoassets and Cyber Unit will continue to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the pervasive cyber threats to the nation’s markets, the SEC says in a press release.
“Cryptomarkets have exploded in recent years, with retail investors bearing the brunt of abuses in this space. Meanwhile, cyber-related threats continue to pose existential risks to our financial markets and participants” said Gurbir S. Grewal, director of the SEC’s Division of Enforcement, who added: “The strengthened crypto and cyber asset unit will be at the forefront of investor protection and ensure fair and orderly markets in the face of these critical challenges.”
The infusion of 20 additional positions in the Cryptoassets and Cyber Unit will bolster the ranks of its supervisors, investigative staff attorneys, trial attorneys and fraud analysts at the agency’s Washington, DC headquarters, as well as in several regional offices
Regulation on the way
Gensler has previously criticized exchanges such as Coinbase is an American company that operates a cryptocurrency exchange platform. for failing to register with regulators when offering securities-like tokens. In September he said the new area of responsibility would require “a lot more people” at the agency. He also said in January of this year that exchanges needed to more scrutiny and that the institution sought to regulate them. this year.
Recent SEC proposals have indicated it could extend enforcement action to decentralized finance, offering new regulatory risks for cryptoprojects in the country, says Coindesk . There are also reports that the agency is investigating whether or not the NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. should be your responsibility.
Essentially, the SEC oversees those who offer securities for sale, as well as those who advise or broker transactions, to make sure they are open and honest with customers. It says its enforcement actions in the conventional markets mean hundreds of millions of dollars returned to harmed investors each year.
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