The Securities and Exchange Commission announced it would nearly double the size of its crypto assets and cyber unit, the division responsible for protecting investors in crypto markets and from cyber-related threats.
"The U.S. has the greatest capital markets because investors have faith in them, and as more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them," SEC chair Gary Gensler said in a press release.
Ross Mac of Maconomics broke down what a hiring spree at the SEC could mean for the regulatory environment in the latest episode of the Crypto Minute on TheStreet.
FULL VIDEO TRANSCRIPT BELOW:
The Securities and Exchange Commission announced today that it will hire way more staff responsible for protecting investors in crypto markets.
It’s your boy Ross Mac and this is what crypto investors are watching on Tuesday, May 3.
The SEC has announced that it plans to double its cyber unit.
SEC Chair Gary Gensler has been saying that the SEC needs to expand its crypto assets and cyber teams in order to handle the ever evolving financial technologies. The team will add 20 new members, bringing the total to 50, which will include investigative staff attorneys, trial lawyers and fraud analysts.
In the past, Gensler has made the point that the protections that apply to traditional investors should also apply to crypto investors. With this move, fresh staff could reinvigorate the SEC as it moves forward on its crypto regulation and policies.
It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.
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