SEC Increases Number of Cryptocurrency Auditors!

U.S. Securities and Exchange Commission increasing its pressure on cryptocurrencies (SEC)by once again increasing the number of digital assets auditing team cryptocurrency can expedite litigation targeting firms.

SEC Increases Number of Cryptocurrency Audit Team

The regulator, which has hit the crypto industry under President Gary Gensler, sent a loud message to the industry by announcing in May 2022 that it had added 20 people to its newly named Crypto Assets and Cyber ​​Unit.

The spokesperson said on Wednesday that the agency plans to “add additional staff” to this unit, underscoring that oversight of digital assets has become a priority for the SEC. The spokesperson did not disclose how many new positions will be added.

The regulator has maintained a steady process of crypto litigation over the past few years, but recent weeks have seen a series of enforcement actions and accusations that could form the basis of a sort of shadow rule for digital assets in the absence of the official cryptocurrency policy demanded by the industry.

Many of the lawsuits are built on the SEC’s claims that most digital tokens are unregistered securities, such as FTX’s exchange token FTT and yield products from a number of firms. Additionally, the SEC recently accused Kraken of improperly offering securities in the form of a staking service.

The regulator last month accused Terraform Labs and its co-founder Do Kwon of deliberately misleading investors about the robustness of the terraUSD stablecoin.

But the biggest SEC fear of many crypto lawyers is that the agency will eventually file an aggressive lawsuit against major trading platforms that they are operating illegal, unregistered exchanges and should stop.

*Not investment advice.