The United States Securities and Exchange Commission (SEC) announced on Tuesday that it aims to prevent fraudulent activities in the popular digital asset world. cryptocurrency added 20 positions to its market unit.
SEC’s Cryptocurrency Will Have a Total of 50 Employees
The SEC said the unit in question will be renamed the “Crypto Assets and Cyber Unit” and will have a total of 50 employees.
SEC chairman Gary Gensler used the following statements on the subject in his statement:
“As we approximately double the size of this critical unit, the SEC will be better equipped to monitor fraud in the cryptocurrency markets and continue to identify disclosure and control issues in cybersecurity.”
“Focus on Supervision of Many Crypto Spaces”
SEC with renewed unit crypto asset will focus on preventing fraudulent activities using crypto-asset exchanges, crypto-asset lending and staking products, decentralized finance platforms, NFTs and stablecoins.
However, a significant portion of cryptocurrency trading takes place overseas, and it falls into an uncertain area as there is no centralized system of supervision. Crypto trading can bypass traditional financial controllers like banks and exchanges.
In his statement yesterday, the European Union finance commissioner stated that the EU and the USA could work together to lead a global crypto regulation.
As it is not clear whether crypto-assets are securities or commodities, there is no full supervisory area in the US yet.
*Not investment advice.