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SEC Doubles Size of Crypto Unit

SEC Chair Gary Gensler continues to turn up the heat on the crypto market. On May 3, 2022 the Securities and Exchange Commission announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) within the Division of Enforcement will nearly double in size and grow to 50 dedicated positions. In a comparison between crypto and capital markets Gensler said, “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.” The increase in size will allow the SEC to increase investigations and identify issues relating to cybersecurity.